The deductions favor high-income people in high-tax states, and the cap was part of the Republicans’ 2017 tax overhaul. It would also expand Social Security benefits for people like widowed spouses and those who worked as caregivers outside the formal work force. Bernie Sanders would also apply the current 12.4 percent combined Social Security tax rate to all income above $250,000. Ms. Warren’s proposal hasn’t received as much attention and debate as her proposed wealth tax on families with assets of more than $50 million. But her Social Security plan would affect around seven million Americans, compared with the 75,000 that her advisers estimate would be affected by the wealth tax.

Source: New York Times November 19, 2019 09:56 UTC