85% of Americans Back Tax Hikes to Save Social Security, Survey Finds

In a surprising show of bipartisan unity, a staggering 85% of Americans are now willing to raise taxes to strengthen Social Security's finances and avert a benefit cut in the next decade. This overwhelming support for tax increases, as revealed in a new AARP-funded survey from the National Academy of Social Insurance (NASI), signals a significant shift in public opinion regarding the future of the program.

The survey, conducted in October and November 2024, found that a majority of Americans, including Republicans, Democrats, and independents, are eager to maintain or even increase Social Security benefits, even if it means paying higher taxes. This growing willingness to support tax increases can be attributed to several factors, including the increasing awareness of Social Security's financial challenges, concerns about future generations, bipartisan support, and demographic changes.

As the baby boomer generation continues to age and retire, more people are becoming aware of the importance of Social Security to their own financial security and that of their loved ones. This demographic shift, coupled with the program's looming fiscal crisis, has likely contributed to the growing support for tax increases.

The survey also identified specific tax increases that have the most public support. Raising the Social Security payroll tax cap, increasing the payroll tax rate, and applying the Social Security payroll tax to earnings above $400,000 were all popular among respondents. These proposals align with the survey findings, as they focus on raising taxes on high earners or increasing the payroll tax rate, which are popular among both Democrats and Republicans.

However, the political landscape could influence the implementation of these tax increases. Despite the bipartisan support indicated in the survey, the current political climate in Washington is characterized by gridlock and polarization. This could make it difficult for lawmakers to agree on a solution, even if they generally support the idea of raising taxes to strengthen Social Security.

Moreover, election-year politics and advocacy groups could also play a role in the implementation of these tax increases. Lawmakers may be more inclined to act on popular issues like Social Security during an election year to appeal to voters. However, they may also be hesitant to raise taxes, which could be perceived as unpopular by some constituents.

In conclusion, the overwhelming public support for tax increases to save Social Security is a testament to the program's importance to Americans. As the political landscape continues to evolve, lawmakers must consider the will of the people and work together to find a solution that includes raising revenues. By doing so, they can help ensure the long-term financial stability of Social Security and the economic security of future generations.