Social Security update: Major proposed change gets boost ahead of midterms
Newsweek reports that proposals to lift the Social Security payroll tax cap—currently 6.2 percent on wages up to $184,500—are gaining support ahead of the 2026 midterms, with Iowa Senate candidate Josh Turek endorsing the idea and Senators Elizabeth Warren and Bernie Moreno sponsoring bipartisan legislation to remove it. Experts debate whether it would fix the program's funding shortfall, which the trustees' report says could deplete the trust fund by 2032, leaving enough revenue for only about 78 percent of benefits.
