85% of Americans Willing to Raise Tax to Save Social Security

Social Security is a crucial part of retirement security for millions of Americans. However, with a funding shortfall threatening future benefits, many are looking for solutions. A recent survey highlights that Americans Willing to Raise Tax to Save Social Security far outnumber those who support benefit cuts. This signals strong public backing for tax-based solutions to secure the program’s future.

Survey Reveals Strong Support for Tax Increases

A study conducted by the National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce, in partnership with Greenwald Research, found that 85% of Americans prefer raising taxes over reducing benefits. Only 15% of respondents favored keeping tax rates the same, even if that meant potential benefit cuts and To take More smart moves, check out 3 Smart Ways to Reduce Your Taxes Legally.

Tyler Bond, research director at the National Institute on Retirement Security, emphasized the importance of Social Security, stating, “Social Security is the foundation of retirement security in the United States. The report indicates both the important role that Social Security plays as a source of retirement income for older Americans as well as the priority the American people place on resolving the financing gap.”

Proposed Solutions to Strengthen Social Security

The survey used a tradeoff analysis to determine which tax-based solutions Americans are most willing to accept. The most popular proposal was eliminating the payroll tax cap for those earning over $400,000. Currently, Social Security payroll taxes apply only to earnings up to $176,100 in 2025. Removing this cap would require higher earners to contribute more to the program while receiving additional benefits.

Another widely supported measure was gradually increasing the payroll tax rate from 6.2% to 7.2% for both employees and employers. This small, incremental increase would help sustain Social Security without placing a sudden financial burden on workers. The findings align with the overall sentiment that Americans Willing to Raise Tax to Save Social Security, rather than seeing benefits reduced in the future.

Public Opinion Favors Tax Solutions Over Benefit Cuts

One of the most striking findings of the survey is the bipartisan agreement on the need to maintain Social Security. Support for tax-based solutions spans political affiliations, income levels, and age groups. Measures such as raising the full retirement age or cutting benefits for high-income retirees received little support.

As lawmakers debate Social Security’s future, these findings suggest that Americans Willing to Raise Tax to Save Social Security are in the majority. This growing consensus may shape future policy decisions aimed at securing the program’s long-term stability and for more latest updates check out Trump’s Plan to Ban Taxes on Social Security: How Will It Impact You? And stay updated.

Table: Proposed Social Security Solutions and Public Support

FAQs

1. What percentage of Americans support raising taxes for Social Security?

According to the survey, 85% of Americans prefer raising taxes rather than reducing Social Security benefits.

2. How would removing the payroll tax cap help Social Security?

Eliminating the payroll tax cap would require high earners to contribute more, increasing Social Security’s funding without affecting lower-income workers.

3. Why are Americans Willing to Raise Tax to Save Social Security?

Most Americans rely on Social Security for retirement security and prefer tax-based solutions over benefit cuts to ensure the program’s longevity.

4. What is the current Social Security payroll tax cap?

For 2025, payroll taxes apply only to earnings up to $176,100. Any income above this threshold is not subject to Social Security taxes.