As Social Security marks its 89th anniversary, the program faces looming fund depletion dates. That could prompt big tax changes.
Lawmakers have suggested tax changes, including eliminating taxes on benefits or raising how much the wealthy must contribute to the program.on July 31 in all capital letters on social media platform Truth Social, and repeated the point during an Aug. 7 Fox & Friends interview.
Social Security's future is "one of the top" or a "very important" issue in how voters plan to choose candidates in the November presidential election, a The Social Security 2100 bill has been reintroduced in various sessions of Congress. Larson, who is running for reelection, said he plans to reintroduce it again in the next session.
Rep. John Larson, D-Conn., and other lawmakers discuss the Social Security 2100 Act, which would include increased minimum benefits, on Capitol Hill on Oct. 26, 2021.The Harris-Walz campaign did not return a request for comment from CNBC. In congressional hearings on the program, Republican lawmakers have raised concerns about the costs associated with reforming the program. Ultimately, restoring Social Security's solvency may require a compromise including both tax increases and benefit cuts.
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