Congress may raise taxes to save Social Security

Social Security payroll taxes are currently 6.2% on earnings up to $176,100. With the program facing a funding shortfall in less than a decade, Congress may consider raising taxes to maintain benefits. Proposals include increasing taxes on high earners by removing the income cap, which could significantly reduce the funding gap. Most workers share the tax burden with employers, meaning any future increases would likely be less impactful on individual paychecks. Tax increases are just one option among various reforms being discussed, such as raising the retirement age or adjusting benefits. The exact approach Congress will take remains uncertain.