June 09, 2022 08:34 AM
By
Abigail Adcox
Several proposed changes to the Social Security program have "overwhelming" bipartisan support that could reduce a shortfall in the coming years, according to a new survey.
Increasing the level of income at which Social Security payroll taxes are applied from the cap of up to $147,000 in income to people with wages over $400,000 received an average of 81% of support between Republicans and Democrats, according to a survey from the University of Maryland’s Program for Public Consultation published Wednesday.
“Many politicians think that addressing the problems of Social Security is a ‘third rail’ so they have persistently avoided taking action,” said Steven Kull, director of the Program for Public Consultation. "But large bipartisan majorities say they are ready to take tough steps to secure the Social Security program for future generations.”
Expanding the wages that are subject to payroll taxes would eliminate 61% of the shortfall, which is projected to reduce 20% of monthly benefits by 2035 without any changes to the program.
Another popular proposal was raising the payroll tax from 6.2% to 6.5%, which received 70% support from Republicans and 78% from Democrats . If implemented, it would eliminate 16% of the shortfall.
Raising the retirement age from 67 to 68 and reducing benefits for the top 20% of earners also received support from "large majorities" of Republicans and Democrats.
The online survey was conducted from April 11 to May 15, with 2,545 registered voters participating. Participants were given a briefing on the Social Security program and the projected shortfall and then asked to evaluate arguments for and against proposals addressing the shortfall.
https://www.washingtonexaminer.com/restoring-america/faith-freedom-self-reliance/voters-say-theyre-ok-with-these-changes-to-fix-social-security
