One of us is a Republican from Ohio who built a business that generated hundreds of jobs. The other is a Democrat from Massachusetts who built a career protecting consumers from financial tricks and traps.
We don’t agree on everything, but here’s one thing we do agree on: Congress must act now to save Social Security for generations of Americans to come.
Social Security is a core component of our nation’s promise — a covenant between the federal government and Americans who pay into it throughout their working years so they can retire with dignity.
That promise is at risk of unraveling. For years, seniors in Ohio and Massachusetts have told us how concerned they are about the future of Social Security. A new report from the trustees who oversee the Social Security Trust Funds shows they are right to worry: Unless Congress acts, the fund from which most Social Security beneficiaries are paid will be significantly depleted by late 2032. After that, Social Security benefits could be cut by more than 20 percent.
That’s just six years away. Instead of cutting benefits for the retirees who count on Social Security, we need to take bipartisan action to protect those benefits, reward work and restore fairness.
That starts with a common-sense solution: lifting the Social Security payroll tax cap.
For 2026, the payroll tax cap, or taxable maximum, is $184,500. Workers and their employers each pay 6.2 percent on wages up to that amount (self-employed individuals pay 12.4 percent). Today, the maximum Social Security withholding for one worker is $22,878, or 12.4 percent of $184,500. Not a penny more, even if an individual’s salary far exceeds $184,500. Since the vast majority of Americans make less than that, most people are paying Social Security taxes on 100 percent of their earnings while the highest earners are paying on only part of theirs.
Why should a middle-class nurse pay a larger share of her paycheck than a wealthy corporate lawyer? This is doubly unfair in an economy in which top earners’ wages, over time, have pulled far ahead of those of the average worker.
According to one estimate, eliminating the payroll tax cap would inject around $3 trillion into the program over the next 10 years. Lifting the cap so that all income is treated the same would generate substantial revenue that would extend the solvency of Social Security for another generation.
Our plan would also help to safeguard Social Security’s earned-benefit structure, in which workers make contributions to the program from their paychecks. This structure has delivered a basic level of retirement certainty for generations. One 2025 poll found that 65 percent of Democrats and 62 percent of Republicans support lifting the cap, “including a significant majority of respondents with annual household income over $200,000.”
This is a no-brainer: The wealthiest Americans, who have benefited the most from America’s opportunities, should contribute the same percentage of their income as a factory worker in Chillicothe, Ohio, or a teacher in Worcester, Mass.
Most Americans work into their 60s or 70s. Throughout their working lives, they pay into Social Security with the understanding that it will help them support themselves in retirement. With rising prices and artificial intelligence causing economic uncertainty for the future, Social Security must remain a stable foundation to help retirees afford life’s basic necessities.
Social Security was created by overwhelming bipartisan congressional majorities. Today, members of Congress from both parties must come together again to save it. That’s why the two of us are working together on legislation to remove the cap on Social Security taxes and extend the solvency of our retirement system. Americans deserve nothing less. Preserving the American dream for our children and grandchildren depends on it.
Bernie Moreno is the senior U.S. senator from Ohio. Elizabeth Warren is the senior U.S. senator from Massachusetts.
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