‘Humanity is dying out’: Elon Musk warns America needs more babies — and a major Social Security risk emerges beneath it
Social Security's financial reserves are rapidly depleting, prompting even some Republican lawmakers to consider raising taxes to address the impending crisis. The trust fund that supports the program is projected to run out in 2032, potentially forcing benefit cuts for millions of retirees by the end of the next president's term.
However, Republicans who were previously opposed to tax hikes are now beginning to entertain the idea. Rep. Tom Cole of Oklahoma, chair of the House Appropriations Committee, has expressed openness to discussing tax rates and increasing income through taxation. Meanwhile, Senator Elizabeth Warren and Senator Bernie Moreno have proposed eliminating the cap on Social Security payroll taxes, potentially providing a solution to the looming problem.
Despite pushback from anti-tax advocates, such as Grover Norquist, the urgency of the situation appears to be growing among GOP lawmakers.
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