Research Report Five Democratic Approaches to Social Security Reform: Estimated Impact of Plans from the 2020 Presidential Campaign
Karen E. Smith, Richard W. Johnson, Melissa M. Favreault
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Several candidates for the 2020 Democratic presidential nomination developed detailed Social Security plans, which illustrate the spectrum of reform approaches being considered by the party. This report examines Social Security proposals from Joe Biden, Pete Buttigieg, Amy Klobuchar, Bernie Sanders, and Elizabeth Warren and compares their projected impact on beneficiaries, taxpayers, and system solvency. All these plans would significantly expand Social Security, and none would reduce scheduled payments to any beneficiaries. All would reduce Social Security’s long-term financing gap by raising taxes on workers with substantial earnings and thus eliminate or delay potential solvency-related benefit cuts, helping beneficiaries at all income levels.

Research and Evidence Work, Education, and Labor Tax and Income Supports Technology and Data
Expertise Taxes and the Economy Wealth and Financial Well-Being Labor Markets Microsimulation Modeling Aging and Retirement
Research Methods Dynamic Simulation of Income Model 4 (DYNASIM4)
Tags Social Security Economic well-being Disabilities and employment Retirement Federal budget and economy Campaigns, proposals, and reforms Retirement policy Federal tax issues and reform proposals Disability equity policy