1. United States
2. S.C.
3. Letter

Social Security is now projected to become insolvent by the end of 2032, one year sooner than last year's estimate. When that happens, 70 million Americans will face an automatic 22% cut to their benefits — roughly $500 less per month for a typical recipient. Congress needs to act now, and the most straightforward fix is raising the income cap on payroll taxes. Right now, workers who earn above $184,500 stop paying Social Security taxes on anything above that threshold. A hedge fund manager pays the same dollar amount into the program as someone making $184,500. That's indefensible. Lifting or eliminating that cap would bring in substantial new revenue without cutting a single benefit or raising taxes on anyone earning a middle-class income. Social Security Commissioner Frank Bisignano has said plainly that fixing this is Congress's responsibility. I agree. Vote to raise the payroll tax income cap before this program's finances deteriorate further.