Could raising the payroll tax rate save Social Security?

Elizabeth Warren Social Security Proposal to Prevent Benefit Cuts Could Raise $3 Trillion in Taxes

A major legislative battle is brewing in Washington as a newly proposed overhaul aims to shield millions of Americans from a devastating retirement income crisis. By targeting specific economic loopholes, the high-stakes plan seeks to rescue the nation's core safety net just years before its funding is projected to trigger automatic, painful cutbacks. Whether this ambitious framework can successfully clear a divided Congress, however, remains th…

Social Security proposal would raise taxes for millions to save program

Democratic Senator Elizabeth Warren and Republican Senator Bernie Moreno said removing the payroll cap would be a “no-brainer."

Could raising the payroll tax rate save Social Security?

With Social Security facing a funding shortfall, some lawmakers want to raise or eliminate the payroll tax cap to help avoid future benefit cuts.