Mayor Pete Buttigieg wants to raise taxes on the more wealthy Social Security earnings, as part of a plan to save it from bankruptcy, according to a plan released Monday.
Buttigieg announced individuals earning above $250,000 (Families earning over $500,000) would face higher Social Security taxes if he is elected president.
The mayor’s plan also suggested more wealthy seniors would also get “modest Social Security benefits” as a result of their additional taxes.
Those earning less than $250,000 would not be taxed extra.
Buttigeg made the announcement as his campaign released a lengthy policy plan on how to preserve Social Security in the future.
“Politicians in Washington have known this crisis was intensifying for years,” the South Bend mayor wrote. “And for years, they have failed to address it. It is time for a new approach.”
Buttigieg also floated a plan that would provide eligible elderly a benefit of $90 per day for long-term care, provided they meet income-related residents and going through a waiting period. The program would apply seniors who need living assistance but do not need around the clock care.
The South Bend mayor also proposed creating a Public Option 401(k) that would offer workers lower investment fees and give Americans withdraw funds for financial emergencies.