In a guest essay for the New York Times, Bernie Moreno (R-OH) and Elizabeth Warren (D-MA) argue for their plan “to save Social Security for generations of Americans to come.” From the piece:

That starts with a common-sense solution: lifting the Social Security payroll tax cap.

For 2026, the payroll tax cap, or taxable maximum, is $184,500. Workers and their employers each pay 6.2 percent on wages up to that amount. (Self-employed individuals pay 12.4 percent.) Today, the maximum Social Security withholding for one worker is $22,878, or 12.4 percent of $184,500. Not a penny more, even if an individual’s salary far exceeds $184,500. Since the vast majority of Americans make less than that, most people are paying Social Security taxes on 100 percent of their earnings while the highest earners are paying on only part of theirs.