Think Biden's Social Security Tax Hike Sounds Bad? Some Lawmakers Are Calling for Even More Extreme Measures

Think Biden's Social Security Tax Hike Sounds Bad? Some Lawmakers Are Calling for Even More Extreme Measures

If that revenue source shrinks at a time when more seniors start filing benefit claims, the program is apt to rapidly use up its cash reserves, known as its trust funds. Meanwhile, Social Security's trust funds are expected to run dry in 2035, as per the program's latest Trustees Report. Once that happens, benefit cuts will be on the table.