85% of Americans Willing to Raise Taxes to Save Social Security, Survey Shows

Social Security is an essential aspect of retirement security for millions of Americans, and it's no secret that the program faces a funding shortfall that could lead to reduced benefits in the next 10 years. 

A new survey from the National Academy of Social Insurance, AARP, the National Institute on Retirement Security, and the U.S. Chamber of Commerce, in collaboration with Greenwald Research, finds that most Americans are willing to accept tax increases to prevent benefit cuts.

The survey shows that 85% of respondents believe Social Security benefits should stay the same or even increase, even if that means raising taxes on some or all Americans. It also found that only 15% of respondents preferred keeping tax rates the same, even if that means reducing benefits. 

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Tyler Bond, research director at the National Institute on Retirement Security, said, "Social Security is the foundation of retirement security in the United States. The report indicates both the important role that Social Security plays as a source of retirement income for older Americans as well as the priority the American people place on resolving the financing gap so that benefits are not cut indiscriminately."

The survey used a tradeoff analysis to identify the policy changes Americans are most willing to support. Among the options provided, the most popular was eliminating the payroll tax cap for those who earn more than $400,000 a year. Current Social Security payroll taxes only apply to earnings up to $176,100 for 2025. 

Raising or removing the cap would require high earners to contribute more to the program while receiving additional benefits. 

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Another option that many support is to gradually increase the payroll tax rate. This option proposed raising the rate from 6.2% to 7.2% for both employees and employers. The idea is that an incremental change such as this would not place an immediate financial burden on workers while still providing a boost to Social Security's long-term funding. 

Beyond tax changes, the survey also shows that many favor adjustments that would make Social Security more responsive to the needs of retirees and workers. For example, one proposal suggested modifying the cost-of-living-adjustment formula to better reflect inflationary pressures. Another suggested providing a caregiver credit for those who leave the workforce to care for children under six. Another introduced a benefit that would support workers in physically demanding jobs who might need to retire and claim benefits before full retirement age. 

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The survey explored a wide range of possible solutions for Social Security, but the majority of respondents opposed reducing benefits. Suggestions for raising the full retirement age or cutting benefits for higher-income retirees received little support. 

One of the most striking findings of the survey is that support for preserving Social Security goes beyond political divides. Americans across party lines, income levels, and age groups agree on the need to maintain the program and address its financial challenges through tax-based solutions rather than benefit cuts.

As lawmakers debate the future of the program, these findings indicate that a tax-based approach—rather than benefit cuts—aligns with public sentiment. 

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