Ultrarich should pay to save Social Security, swing state voters say

Swing state voters are open to several ideas to keep Social Security benefits flowing for decades — as long as it's the wealthy footing the bill, according to the latest Bloomberg News/Morning Consult poll.

An overwhelming 77% of registered voters in the seven states that will decide the 2024 presidential election like the idea of a billionaires tax to bolster Social Security shortfalls, the poll found. More than half say they approve of trimming benefits for high-earners, and for taxing wages for Social Security beyond the first $168,600 in earnings, as done under current policy.

The poll was conducted among registered voters in Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin between April 8-15.

Across-the-board changes — raising the retirement age from 67 to 69 or introducing a new formula that results in less generous benefit payments — were less popular. Around one quarter of poll respondents supported those policies, while about a third supported increasing payroll taxes.

READ MORE: Scrap the cap: The Social Security solution hiding in plain sight

The poll demonstrates the difficult task Congress will face in the coming years as it grapples with how to shore up the social safety net program for aging Americans. The Congressional Budget Office estimates that starting in 2034, Social Security recipients will only receive about 75% of their promised payments if lawmakers don't do something to save the program.

"A lot of people want the government to take action, but they're not really sure how," Matt Monday, a senior manager for Morning Consult, said in an interview. "But the things that they do feel sure about is that someone else should do it," he said, pointing to the wide popularity of the billionaires tax.

President Joe Biden's billionaires tax would place a 25% levy on households worth more than $100 million. The plan taxes accumulated wealth, so it ends up hitting money that often goes untaxed under current laws. The president has also proposed higher payroll taxes on those making more than $400,000 as a way to strengthen the Social Security trust fund.

Conversations in Washington about large-scale plans to find new ways to fund Social Security have become more pressing with projections showing the program is becoming increasingly unsustainable. But changes to Social Security are politically risky because older Americans, who directly benefit from the payments, are an important voting bloc for both parties.

Benefit programs for elderly Americans are one of voters' top priorities in November — only the economy, immigration, abortion and protecting democracy were chosen more often when respondents were asked what single issue was most important to their voting decision.

The poll also found that swing state voters trust Biden more than Republican presumptive nominee Donald Trump to preserve Social Security and Medicare, with 45% trusting Biden and 39% trusting Trump.

READ MORE: Social Security may go insolvent just as the last baby boomers retire

Trump has not articulated a clear vision for the benefit programs. His campaign website says he will "always protect" Social Security without providing details. In a March interview, he said "there is a lot you can do in terms of entitlements in terms of cutting," but later walked back that statement, saying he would never do anything to "jeopardize or hurt" the payments for older people.

Republicans in Congress have proposed raising the retirement age and using a new cost of living adjustment metric that would result in lower payments over time. Nikki Haley, who challenged Trump for the GOP presidential nomination, proposed scaling back Social Security benefits for future generations and higher income retirees.