Rich Rubin
speaker
137 appearances
2 recordings
1 series
first heard Jun 2024
last heard Sep 2024
Rich Rubin’s voice in public audio — every appearance, attributed to the second.
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Appearances
Middle and higher income seniors, generally people who have other kinds of income, whether that's 401k withdrawals, IRA withdrawals, pensions, wages if they're still working, interest, are more likely to pay some of that.
And so for people who are receiving benefits, even if the benefit gets smaller because Social Security runs out of
enough money to pay full benefits sooner, which would be the outcome of this plan, you still might come out ahead because you're getting untaxed money even if the pre-tax money is smaller.
This is a policy that you haven't heard a ton about relatively much before this campaign started.
It's more than a trillion dollars over a decade.
It would probably have to be a pretty bipartisan exercise because you're kind of turning the dials on benefits and taxes.
And it is that third rail kind of thing where people really are –
worried about trying to get dinged the next election for having taken away something that people are really counting on, which is true of Social Security.
And because the Social Security trust fund doesn't run out of money, which doesn't mean there's no benefits, it just means benefits would be cut roughly 20 to 25%.
Until 2032, 2033, somewhere in that range, I wouldn't expect anything relatively soon.
The last time there was a big Social Security deal was 1983, and they didn't really cut that deal until a few weeks or months right before the deadline.
So she's tried to focus a little more cleanly on hospitality and service workers.
His is a little more open-ended.
She has tried to talk about trying to find guardrails to prevent some higher income people from recharacterizing their income as tips.
So there are a couple subtle differences.
And she's also tried to pair it with minimum wage increases, which she's not trying to do.
A couple of things.
One is he's talking about getting rid of some tax credits that Democrats put in place a couple of years ago, including tax credits for purchasing electric vehicles and for other renewable energy projects.
He's not a fan of those.
The child tax credit, it's a little squishy.
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