2026 Social Security Trustee Report Proposes Tax Hikes and Benefit Cuts to Address $29.3 Trillion Funding Gap
The 2026 Social Security Trustees report outlines three scenarios, including a proposed increase in the combined payroll tax rate from 12.4% to 16.65%, which could add up to $7,841 annually for self-employed workers. Two benefit-cut alternatives are also presented: a universal 25.2% reduction or a phased 30.3% cut starting in 2026.
Topics: federal budget payroll tax Social Security tax policy