As Social Security faces trust fund depletion, some Washington lawmakers call for taxing high earners

Social Security faces a funding shortfall as its trust fund depletes over the coming years. Here's part of why: there's currently a wage cap on Social Security taxes. Workers stop paying Social Security taxes once their earnings exceed roughly one hundred sixty-eight thousand dollars in a year—meaning high earners pay taxes for only part of the year. According to CNBC, some Washington lawmakers want to change that by eliminating or raising the wage cap, so high earners would contribute Social Security taxes on all their income. It's one approach being debated to address the program's financial challenges.

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