Absolutely terrible. The biggest tax hike in decades, and 100% of...
Jessica Riedl 🧀 🇺🇦@JessicaBRiedl
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Oct 08, 2026
~1 min read
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Absolutely terrible. The biggest tax hike in decades, and 100% of the revenue would go to (often wealthy) retirees so that they can keep collecting more than they paid in.
Oh, and it keeps Social Security out of deficit for just 4 years. What happened to the Republican party?
Oh, and it keeps Social Security out of deficit for just 4 years. What happened to the Republican party?
Bernie Moreno@berniemoreno
We don’t agree on much, but @SenWarren and I agree on this: Social Security is a promise that must be fulfilled. By 2032, benefits could be cut by more than 20% if we do nothing.
We have a bipartisan plan to save it: end the payroll tax cap so everyone pays the same. No benefit cuts. No raising the retirement age.
nytimes.com/2026/06/23/opi…
We have a bipartisan plan to save it: end the payroll tax cap so everyone pays the same. No benefit cuts. No raising the retirement age.
nytimes.com/2026/06/23/opi…
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Washington already spends 6x as much on seniors as people under age 26. These politicians will not rest until they've maximized taxes to make the ratio 10-to-1.
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For those seeking clarification - yes, according to the Social Security actuaries, eliminating the tax cap (even without earning benefit credits) keeps Social Security out of annual deficits for just 4 years.
ssa.gov/OACT/solvency/…
ssa.gov/OACT/solvency/…
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"But the trust fund would be extended 25 years."
Remember - the trust fund contains no economic resources to pay future benefits, its just an accounting ledger.
So, 2030 Social Security benefits will be 100% funded by 2030 taxes plus 2030 budget deficits. The existence of a trust fund does not reduce that cost to future taxpayers at all. Its merely a permission slip for Social Security to run budget deficits until a certain date.
What matters for future taxpayers and future budget deficits are Social Security's annual cash balances in each year. And lifting the cap keeps Soicial Security out of deficit for just 4 years.
Remember - the trust fund contains no economic resources to pay future benefits, its just an accounting ledger.
So, 2030 Social Security benefits will be 100% funded by 2030 taxes plus 2030 budget deficits. The existence of a trust fund does not reduce that cost to future taxpayers at all. Its merely a permission slip for Social Security to run budget deficits until a certain date.
What matters for future taxpayers and future budget deficits are Social Security's annual cash balances in each year. And lifting the cap keeps Soicial Security out of deficit for just 4 years.