# Bipartisan Support Grows for Taxing High Earners to Shore Up Social Security

> By  · Published 2026-09-14 · Updated 2026-09-14
> https://economysignal.com/en/2026/09/14/bipartisan-support-grows-for-taxing-high-earners-to-shore-up-social-security/

## Summary
Social Security is projected to face a funding shortfall within six years, prompting bipartisan interest in raising taxes on high earners, particularly by adjusting the current payroll tax income cap, as a way to boost revenue and delay automatic benefit cuts without changing benefits for most workers.

## Key points
- Social Security's trust funds are projected to be depleted in about six years
- Lawmakers from both parties are considering raising or eliminating the payroll tax income cap for high earners
- The proposal aims to boost program revenue without cutting benefits for most workers

A growing number of lawmakers from both parties are warming to proposals that would tax high earners more heavily to help close Social Security’s looming funding gap, which is projected to hit within six years. The idea centers on adjusting or eliminating the current cap on income subject to Social Security payroll taxes, a change that could generate significant new revenue for the program without altering benefits for most workers.

## Why is Social Security facing a funding shortfall?

Social Security’s trust funds are on track to become depleted in roughly six years, according to current projections, at which point the program would only be able to pay out benefits using incoming [payroll tax](https://economysignal.com/en/tag/payroll-tax/) revenue. That scenario would trigger automatic benefit cuts unless Congress acts. The shortfall stems from long-standing demographic shifts, including an aging population and slower growth in the workforce paying into the system relative to the number of retirees drawing benefits.

## How would taxing high earners help?

Under current law, Social Security payroll taxes only apply to wages up to a certain annual limit, meaning income earned above that threshold is exempt from the tax. Raising or scrapping that cap would mean higher earners contribute payroll taxes on a larger share, or all, of their income, generating additional funding for the program. Because this approach targets a relatively small share of the workforce, some lawmakers see it as a politically feasible way to extend the program’s solvency without touching benefits or raising taxes on middle- and lower-income workers.

> Supporters argue that asking higher earners to pay into the system on more of their income is a straightforward way to strengthen Social Security’s finances, one lawmaker familiar with the discussions said.

## What could this mean for benefits going forward?

If adopted, changes to the payroll tax cap could extend the program’s ability to pay full scheduled benefits well beyond the current six-year projection, reducing or eliminating the need for the automatic cuts that would otherwise occur once trust funds are exhausted. However, specifics of any legislation, including whether higher payroll tax contributions would translate into higher benefits for affected earners, remain unresolved as lawmakers continue to negotiate the details.

## Source

- [Personal Finance CNBC](https://www.cnbc.com/2026/09/13/social-security-payroll-tax-cap.html) — Personal Finance CNBC
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## Sources
- [Personal Finance CNBC](https://www.cnbc.com/2026/09/13/social-security-payroll-tax-cap.html)