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April 24, 2024 at 06:31 PM
What You Need to Know
- More than half of those polled approve of trimming benefits for high-earners and taxing wages for Social Security beyond the first $168,600 in earnings.
- The Congressional Budget Office estimates that starting in 2034 Social Security recipients will only receive about 75% of their promised payments if lawmakers don’t act.
Swing-state voters are open to several ideas to keep Social Security benefits flowing for decades — as long as it’s the wealthy footing the bill, according to the latest Bloomberg News/Morning Consult poll.
An overwhelming 77% of registered voters in the seven states that will decide the 2024 presidential election like the idea of a billionaires tax to bolster Social Security shortfalls, the poll found.
More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings as done under current policy.
The poll was conducted among registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin between April 8-15.
Across-the-board changes — raising the retirement age to 69 from 67 or introducing a new formula that results in less generous benefit payments — were less popular. Around one-fourth of poll respondents supported those policies, while about a third support increasing payroll taxes.
The poll demonstrates the difficult task Congress will face in the coming years as it grapples with how to shore up the social safety net program for aging Americans.
The Congressional Budget Office estimates that starting in 2034 Social Security recipients will only receive about 75% of their promised payments if lawmakers don’t act.
“A lot of people want the government to take action, but they’re not really sure how,” Matt Monday, a senior manager for Morning Consult, said in an interview. “But the things that they do feel sure about is that someone else should do it,” he said, pointing to the wide popularity of the billionaires tax.
President Joe Biden’s billionaires tax would place a 25% levy on households worth more than $100 million. The plan taxes accumulated wealth, so it ends up hitting money that often goes untaxed under current laws.
The president has also proposed higher payroll taxes on those making more than $400,000 as a way to strengthen the Social Security trust fund.
Conversations in Washington about large-scale plans to find new ways to fund Social Security have become more pressing with projections showing the program is becoming increasingly unsustainable.
But changes to Social Security are politically risky because older Americans, who are directly benefitting from the payments, are an important voting bloc for both parties.
