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Social Security Update: Democrat Ideas for Major Changes After Midterm Win

Democrats won control of both chambers of Congress in Tuesday’s midterms, so the party could advance legislation.

  • Democrats won recent midterm elections, potentially bringing Social Security reforms.
  • Trust fund to exhaust reserves by 2032, benefits would cover 78% of scheduled payments.
  • Ideas include raising payroll tax cap, altering COLA calculation, and expanding taxation.

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