Social Security Trust Fund Projected to Deplete by Late 2032; Lawmakers Propose Taxing High Earners
The Old-Age and Survivors Insurance (OASI) trust fund, which supports Social Security retirement benefits, is projected to be depleted in the fourth quarter of 2032, allowing only 78% of scheduled payments. In response, lawmakers like Elizabeth Warren and Bernie Moreno are advocating for lifting the payroll tax cap on high earners to bolster funding.
Topics: legislation payroll tax cap Social Security trust fund depletion