00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Lawmakers from both parties are considering raising Social Security payroll taxes
00:06on high earners as the program faces a growing funding shortfall, according to CNBC.
00:12Republican Senator Bernie Moreno of Ohio and Democratic Senator Elizabeth Warren of Massachusetts
00:17have called for lifting the payroll tax cap.
00:20Republican Representatives Tom Cole of Oklahoma and Lloyd Smucker of Pennsylvania
00:25have also said they would consider higher payroll taxes.
00:29Workers pay Social Security taxes on up to $184,500 in earnings in 2026.
00:37The program's Retirement Trust Fund is projected to pay full scheduled benefits
00:41until the fourth quarter of 2032, when 78% of benefits would be payable.
00:48Eliminating the payroll tax cap could cover 67% of the program's 75-year solvency gap,
00:54according to the Roosevelt Institute.
00:56Critics argue the change would amount to a large tax increase on high earners
01:00and could reduce economic growth.
01:02For all things money, visit Benzinga.com.
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