Warren's Social Security Tax Proposal Would Increase Senior Benefits by $200 a Month

Every senior would receive an additional $200 a month in Social Security benefits under a proposal by Sen. Elizabeth Warren. The plan seeks to bolster the retirement program's finances by taxing billionaires such as Elon Musk and Jeff Bezos more heavily. Warren's legislation would remove the taxable wage cap, which currently limits payroll taxes for high earners. Under current law, the Social Security Old-Age, Survivors, and Disability Insurance payroll tax is 6.2% for employees and employers, but only on wages up to the annual taxable maximum of $184,500 in 2026. This funding mechanism is designed to stabilize the program's solvency. The OASI trust fund is projected to be depleted in 2033, after if which only 77% of scheduled benefits would be payable.