Sen. Elizabeth Warren says she plans to increase Social Security benefit payments by $200 a month to “every current and future” beneficiary in the nation.
The Massachusetts Democrat says she will pay for it with her 2% “wealth tax” on every American with over $50 million in assets.
“We need to get our priorities straight,” she said. “We should be increasing Social Security benefits and asking the richest Americans to contribute their fair share to the program.”
Ms. Warren rolled out her latest plan ahead of the third Democratic debate in Houston, where she will face off with nine of her rivals for her party’s presidential nomination.
Social Security is one of the biggest drivers of government spending and Ms. Warren’s plan to increase benefits for 64 million Americans would cost an additional $150 billion in the first year, according to the New York Times.
Ms. Warren said her plan, which also aims to strengthen benefits for the poor, women and people of color, would lift close to 5 million seniors out of poverty.