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Sen. Bernie Moreno endorsed a bipartisan proposal to raise the taxable maximum on Social Security payroll taxes. The plan would generate an estimated $3 trillion for the program amid projections of trust fund shortfalls starting in 2032.
Washington ExaminerSen. Bernie Moreno endorsed a plan with Sen. Elizabeth Warren to lift the Social Security payroll tax cap, Washington Examiner reported. The measure would generate around $3 trillion for the program, according to estimates cited by the senators.
The Social Security retirement trust fund is projected to be exhausted in 2032, with the old-age and survivors insurance trust fund able to pay only 78 percent of scheduled benefits in the fourth quarter of that year, trustees projected earlier this month.
The combined old-age and disability insurance funds are expected to cover benefits until 2034, after which 83 percent of benefits could be paid. For 2026 the taxable maximum stands at $184,500.
Workers earning above that amount currently pay no additional payroll tax on the excess income. Moreno, who entered office in 2025, described the proposal as a work in progress and said constituents love the effort to make higher earners pay the same rate as others. "I think most Americans would agree with me, meaning that everybody should pay the same.
I’m not asking for rich people to pay more, I’m asking them to pay the same," Moreno told the Washington Examiner. Grover Norquist said the proposal violates Moreno’s taxpayer pledge and called it criminally stupid, politically stupid, economically destructive, and morally flawed.
Stephen Moore said the change would represent the largest marginal tax increase in decades and would undermine the Republican Party’s position against raising taxes.
Sen. Jon Husted said he is not on board with the plan. "I agree that we should protect Social Security and strengthen Social Security, but this rifle approach with the giant tax increase is not the way I would go about it," Husted stated.
Husted faces election in Ohio in 2026. AARP Ohio posted that 92 percent of Ohioans want to strengthen Social Security without cutting benefits, according to a recent poll.
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