Taxing the Wealthy to Secure Social Security: Bloomberg Poll

According to the latest Bloomberg News/Morning Consult poll, an overwhelming 77% of registered voters in seven key states likely to decide the 2024 presidential election support a billionaire tax to save Social Security.

The poll conducted from April 8-15 surveyed 4,969 voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania, and Wisconsin. The results also show that the majority of voters in these swing states are open to other measures that would rely on the ultra-rich to ensure the financial stability of Social Security for years to come.

More than half of the voters are in favor of reducing benefits for high earners and imposing taxes on wages exceeding $168,600, the current cap. Additionally, one-third support less generous Social Security benefits, and 25% are in favor of raising the full retirement age from 67 to 69.

Matt Monday, senior manager for Morning Consult, notes, “A lot of people want the government to take action, but they’re not really sure how. But the things that they do feel sure about is that someone else [billionaires] should do it.”

The Congressional Budget Office estimates that the Social Security Trust Fund will only be able to provide 75% of promised benefits to recipients starting in 2034.

Former President Donald Trump has suggested cutting waste and fraud in government spending as a way to protect the future of Social Security and Medicare benefits. Trump emphasized that he would not do anything to jeopardize these programs.

On the other hand, President Joe Biden has proposed a billionaire’s tax of 25% on households worth over $100 million and higher payroll taxes on individuals earning more than $400,000.