EXCLUSIVE: Social Security Reform Imperative to Avoid 34% Tax Hike, Insolvency by 2032
Automatic benefit cuts could hit more than 70 million Americans unless Congress raises taxes, trims benefits or changes the retirement age.
- Social Security's trust fund is projected to run out of money in six years, with insolvency now set for 2032, triggering automatic cuts in retirement and disability benefits.
- The Social Security Administration's latest trustees' report found finances are strained by an aging population, lower immigration levels, and tax changes within recent policy decisions.
- Hiking payroll taxes by 4.6% could erase the funding gap entirely, according to the Social Security Administration, while raising the retirement age from 67 offers another reform path.
- U.S. Sen. Tammy Duckworth, D-Ill., criticized the Trump administration's handling of Social Security this week, while SSA Commissioner Frank Bisignano stated he plans to cut wasteful spending instead.
- Ben Tomchik, vice president with the CRFB, emphasized that 70 million Americans receive benefits and urged Congress to find a bipartisan solution soon to protect the program.
89 Articles
89 Articles
charitonleader.com
EXCLUSIVE: Social Security reform imperative to avoid 34% tax hike, insolvency by 2032
(The Center Square) – Policymakers must return Social Security to its original intent in order to avoid massive tax hikes and insolvency, especially in light of a nation burdened by debt, a memo released by a nonprofit on the 2026…
The Billings Gazette
Don't risk Social Security in the stock market
Social Security is the bedrock of nearly every American’s retirement plan — the steady, dependable stream of income they can count on to guarantee them a basic standard of living in old age.
What Happens to Social Security Benefits if the Trust Fund Runs Short in 2033?
Key PointsSocial Security is facing a 22% benefit cut as soon as 2032, if the government doesn't intervene.The government will likely take steps to avoid extreme benefit cuts.These steps may involve raising taxes on workers and/or seniors.The $23,760 Social Security bonus most retirees completely overlook › If you've kept an eye on the news lately, you've probably heard that Social Security is in big trouble. Its Old Age and Survivor Insurance (…
Report: 2M Illinoisans face $500 cut as Social Security faces cliff – Center Square
U.S. Sen. Tammy Duckworth co-signed a letter to President Donald Trump this week that criticized his administration’s handling of Social Security, such as policies in HR1, or the “One Big Beautiful Bill Act,” a tax and spending package.
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