Key facts
- Social Security faces a projected funding shortfall by late 2032.
- Beneficiaries could face a 22-26% cut in benefits if no action is taken.
- 20 of 41 surveyed Senate candidates support raising or eliminating the taxable income cap.
- Jon Husted of Ohio is the only candidate on record against raising the cap.
- The current taxable maximum for Social Security payroll tax is $184,500 in 2026.
US Senate candidates are grappling with the looming insolvency of the Social Security program, projected by the Social Security Trustees to occur by the last quarter of 2032. If no action is taken, beneficiaries could face benefit cuts of 22-26%. The upcoming Congress, with senators elected to six-year terms, will be responsible for addressing this critical funding gap. A key proposal gaining traction is raising or eliminating the taxable maximum on earnings, which currently stands at $184,500 for the 2026 payroll tax. Among 41 surveyed candidates, 20 have endorsed such changes, with support largely aligning with party lines, though notable exceptions exist.