Sure, sure.
Democrats’ Proposals:
- Raise or Eliminate the Cap: Many Democratic lawmakers have pushed for either raising or eliminating the cap on income subject to Social Security taxes. Currently, only income up to a certain amount (e.g., $160,200 in 2023) is subject to the Social Security payroll tax. Democrats argue that lifting this cap would ensure wealthier individuals contribute a fairer share to the Social Security system.
- Senator Bernie Sanders and Senator Elizabeth Warren, among others, have supported legislation to tax higher incomes for Social Security.
Republicans’ Proposals:
- Opposition to Raising the Cap: Republicans have generally been more cautious about increasing the taxable income cap for Social Security. Many in the GOP argue that solutions to Social Security’s long-term funding issues should focus on reducing benefits or raising the retirement age rather than increasing taxes.
In summary, raising the maximum withholding level for Social Security funding has been primarily championed by Democrats, while Republicans often seek alternative ways to address Social Security’s financial challenges.