Senate Candidates Back Raising $184,500 Social Security Tax Cap as 2032 Fund Depletion Looms
Updated
Updated · The New York Times · Oct 28
Senate Candidates Back Raising $184,500 Social Security Tax Cap as 2032 Fund Depletion Looms
3 articles · Updated · The New York Times · Oct 28
Summary
Roger Marshall, a Kansas Republican seeking re-election, said he would eliminate Social Security’s $184,500 payroll-tax cap, while Democratic opponent Adam Hamilton also backed raising it.
Late 2032 is the key deadline driving those proposals: Social Security’s retirement trust fund is projected to run dry then, triggering benefit cuts of at least 22% for more than 60 million recipients unless Congress acts.
More Senate candidates in battleground races are now detailing fixes in debates, ads and campaign websites, with some Republicans breaking from the party’s usual resistance to tax increases.
The emerging debate centers on Congress’s two main options—raise taxes, cut benefits, or combine both—for a program long treated as politically untouchable.