By Daisy Brown, Legislative Liaison
As we often discuss here at The Advisor, wealthy Americans don’t pay the same portion of their income into Social Security taxes as everyone else. Once someone’s income reaches the Social Security taxable maximum ($184,500 in 2026) any additional income they earn is exempt from Social Security taxes. Social Security itself estimates that even eliminating this cap would extend the program’s solvency by 24 years.
TSCL has advocated this policy change for decades, and now, Congress may act upon it. Senators Elizabeth Warren (D-MA) and Bernie Moreno (R-OH) recently published a New York Times op-ed laying out a bipartisan proposal to lift the payroll cap.
In their op-ed, the senators highlight the need for action despite their differences. “We don’t agree on everything, but here’s one thing we do agree on,” they write. “Congress must act now to save Social Security for generations of Americans to come.
They also highlight rising wealth inequality. “Why should a middle-class nurse pay a larger share of her paycheck than a wealthy corporate lawyer?” they ask. “This is doubly unfair in an economy in which top earners’ wages, over time, have pulled far ahead of the average worker.” The senators hit the nail on the head: Nurses, teachers, and military personnel shouldn’t pay a higher share of their income into Social Security than business executives.
At TSCL, we are working with Senator Warren’s and Senator Moreno’s offices to advance this legislation. We bring it up every time we meet with a member of Congress. But we need your help to bring change to fruition. Whichever party you support, contact your representative to let them know they should throw their support behind this proposal.
