In a recent Fiscal Fridays interview, Democratic presidential candidate Martin O’Malley proposed higher taxes on high incomes to pay for expanded Social Security benefits and new initiatives in areas such as education, housing and clean energy.
The former Maryland governor said his tax increases would also make it possible to quickly reduce federal debt. He called for “a new consensus” to ask “the very wealthiest among us to do more for their country again.”
While suggesting that he was also open to some spending cuts, O’Malley said: “No great people ever cut their way to prosperity.”
His Social Security expansion would include a $65 boost in the average monthly benefit. He proposed changes in the system’s payroll tax that would raise more money from high-income earners that he said would pay for the expanded benefits while still strengthening Social Security’s finances.
The interview in New Hampshire was the second in the Fiscal Fridays series, which provides voters with in-depth information about presidential candidates’ fiscal and economic plans.
First Budget — a joint initiative of The Concord Coalition and Fix the Debt — is co-sponsoring the series with NH1 News Network, the Business and Industry Association of New Hampshire, and the Warren B. Rudman Center.