As Social Security faces trust fund depletion, some Washington lawmakers call for taxing high earners

A person holds a sign reading "Save Our Social Security" during a rally against President Donald Trump's tax plan, near the U.S. Capitol in Washington, D.C. on April 10, 2025. Bryan Dozier | Afp | Getty Images Washington lawmakers have a new deadline by when to fix Social Security 's retirement trust fund, based on a new annual report released this month by the program's trustees. In the fourth quarter of 2032, that trust fund — called Old-Age and Survivors Insurance, or OASI — may be depleted, when 78% of benefits will be payable, according to Social Security trustees' latest projections. The new projection is several months sooner than had previously been estimated for that fund, which Social Security relies on to pay monthly benefits to million of retired workers, their spouses and children, and survivors of deceased workers. That has led to a renewed push to tax the rich to shore up the program's finances. On Tuesday, Sens. Elizabeth Warren, D-Mass. and Bernie Moreno, R-Ohio, co-wrote an op-ed that said they are working together on legislation to lift the payroll tax cap to help improve Social Security's solvency. Currently, earnings up to $184,500 are subject to Social Security payroll taxes. High earners do not pay into the program for the rest of the year once they hit that cap. On March 9, individuals with $1 million in annual wage and salary earnings stopped paying Social Security payroll taxes for 2026, according to the Center for Economic and Policy Research. …