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Story summary
- Senators Elizabeth Warren (D-Mass.) and Bernie Moreno (R-Ohio) proposed ending the Social Security payroll tax cap, a move trustees say could deplete the fund by 2032, cut benefits about 22%, and generate roughly $3 trillion in ten years.
- A survey found 68% of respondents, including 60% of households earning $200,000+, support eliminating the cap.
- Critics argue the proposal would raise top marginal tax rates by about 12 percentage points.
