Social Security remains tax free with an additional tax break
Today, half of all retirees pay taxes on Social Security benefits. Our plan ultimately removes those taxes and adds no tax on health insurance support payments. During the phase-in period, the wealthiest retirees will pay some tax on Social Security benefits, but less than many seniors pay now under current law.
A morally responsible contract with the next generation
Currently promised benefits exceed our capacity to pay. The Heritage plan provides health and retirement assistance to all who need it, with a guarantee against poverty. The wealthiest 9 percent of retirees will see some reduction in benefits, thus reducing the huge debt that would otherwise fall to our children and grandchildren.
A $10,000 tax exemption if you continue to work
If you choose to work beyond your retirement age, the first $10,000 of your earnings is tax-exempt. This gives you greater control over your finances and strengthens the economy in the long run.
Health care security regardless of your age or medical condition
Over five years, our plan transforms Medicare from an unsustainable defined-benefit entitlement into a budgeted, defined-contribution program, much like members of Congress now enjoy. Those who need assistance will receive premium support payments. The Medicaid safety net remains intact to protect low-income retirees.