Vice President Kamala Harris has officially selected Minnesota Governor Tim Walz as her running mate for the upcoming presidential election.
As voters evaluate both Harris and former President Donald Trump’s policies, Social Security remains a critical issue. A recent Bloomberg/Morning Consult poll revealed that 63% of voters consider Social Security and Medicare “very important” when deciding their vote.
Walz, at 60 years old, is a seasoned politician currently in his second term as governor, having also served 12 years in Congress, where he earned the trust of working-class Americans.
Minnesota is among the few states that tax Social Security benefits, which has been a burden on seniors trying to manage fixed incomes amid rising inflation. In 2022, Walz expressed support for eliminating this tax for a significant portion of Minnesotans, suggesting that while millionaires should still contribute, over 90% of recipients could be exempted.
“Those at the top of the line — millionaires and billionaires — are not worried about the Social Security tax,” Walz stated in an interview with MPR News.
Social Security is crucial for seniors and individuals with disabilities, providing essential monthly payments. However, analysts warn that this program could face insolvency by the mid-2030s, threatening full benefit payments.
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While various lawmakers suggest reforms to address the crisis, proposals such as raising the retirement age or reducing benefits typically lack popular support. Both Harris and Walz are committed to fully funding the program, potentially through higher taxes on wealthier individuals.
It remains uncertain if these proposed tax increases will materialize, as it will depend on the composition of Congress during a potential Harris/Walz administration. Financial expert Michael Ryan anticipates that Walz will prioritize protecting Social Security as vice president and may consider payroll tax reforms for higher earners.
“It’s a balancing act — maintaining funding without overburdening the middle class,” Ryan remarked, noting Walz’s reluctance to support benefit cuts.
During his tenure as governor, Walz has championed various policies, including enhancing abortion access, legalizing marijuana, pushing for stricter gun laws, and expanding paid family leave and school meal programs.
Walz has also been outspoken against GOP policies, criticizing Trump’s running mate, JD Vance. “People like JD Vance know nothing about small-town America,” he commented on MSNBC’s “Morning Joe.” “Republican policies have destroyed rural America.”
In a recent interview, Vance opposed cutting Social Security, asserting that it is vital to avoid messaging to the elderly that they are “on their own.” He emphasized the need to grow the workforce while suggesting that while increasing taxes on wealthy Americans could help, the fundamental issues still require addressing.