From Kiplinger · · 2m
Voters Want Social Security Solvent: Even if It Means Higher Taxes
Voters demand Social Security fixes before 2032 to avoid benefit cuts, supporting higher taxes for high earners.
In brief
Voters demand Social Security fixes before 2032 to avoid benefit cuts, supporting higher taxes for high earners. 83% of voters age 50+ see Social Security as very important for voting, supporting tax increases to prevent 22% benefit cuts by 2032. Originally reported by Kiplinger.
Voter Sentiment on Social Security
83% of voters age 50 and older see Social Security as very or extremely important when deciding how to vote.
“83% of voters age 50 and older see Social Security as very or extremely important when deciding how to vote”
Social Security Trust Fund Depletion
Social Security's retirement trust fund is projected to deplete reserves in 2032, six years from now.
“Social Security's retirement trust fund is projected to deplete reserves in 2032”
Potential Benefit Cuts
Without action, Social Security would pay only 78% of scheduled benefits after 2032 trust fund depletion.
“Without action, Social Security would pay only 78% of scheduled benefits after 2032 trust fund depletion”
Tax Proposals to Fix Social Security
Congress could address the funding gap by raising the Social Security wage cap, increasing payroll tax rates, or taxing investment income.
“Congress could address the funding gap by raising the Social Security wage cap, increasing payroll tax rates, or taxing investment income”
Social Security Wage Cap Proposal
Sens. Elizabeth Warren and Bernie Moreno propose eliminating the Social Security payroll tax cap to require higher earners to pay more taxes.
“Sens. Elizabeth Warren (D-Mass.) and Bernie Moreno (R-Ohio) are calling for eliminating the Social Security payroll tax cap”
Wage Cap Support Among Voters
72% of voters support a 1% payroll tax on earnings above the 2026 $184,500 wage cap.
“72% of voters supported a proposal to impose an additional 1% payroll tax on earnings above the current 2026 $184,500 wage cap”
Social Security Payroll Tax Rate Increase
Increasing the combined Social Security payroll tax rate from 12.4% to 14.4% could close 33% of the long-term funding shortfall.
“The SSA has modeled a gradual increase of 0.1 percentage points annually beginning in 2032, bringing the combined rate to 14.4% in 2051”
Investment Income Tax Proposal
A 12.4% tax on investment income for high earners could close 30% of the long-term funding shortfall.
“The SSA estimates that the proposal could close about 30% of the program's long-range funding shortfall”
Flat-Rate Cost-of-Living Adjustment
A flat-rate COLA would give smaller annual increases to most retirees, potentially closing 50% of the funding gap.
“An analysis commissioned by the Committee for a Responsible Federal Budget (CRFB) found that giving smaller COLAs to retirees with higher benefits could close about half of Social Security's long-term funding gap”
Retirement Age Increase
Raising the full retirement age to 68 could close 11% of the long-term funding shortfall, to 69 could close 32%.
“The SSA estimates that gradually raising the full retirement age to 68 could close about 11% of the long-range funding shortfall”
Youth Concerns About Social Security
Only 34% of Americans under 30 believe Social Security will exist when they retire, with 78% expecting less than full benefits.
“A December 2025 Cato Institute survey found that only 34% of Americans under age 30 believed Social Security would exist when they retire”
Social Security's Future
Congress must act before 2032 to prevent 22% benefit cuts, with 2026 midterms and 2028 election driving urgency.
“Congress still has time to change the program's financing trajectory”
What Happens Next
Voters will monitor representatives' positions on Social Security as 2026 midterms approach to secure the program's future.
“With the 2026 midterms approaching and the 2028 presidential election on the horizon, pay attention to where your representatives stand on Social Security”
The main idea
83% of voters age 50+ see Social Security as very important for voting, supporting tax increases to prevent 22% benefit cuts by 2032.
