Tech executives have warned AI could funnel enormous wealth to a handful of people and create a “permanent underclass.”
Why should Big Tech get all the profits while we pay the costs?
It’s time to tax AI.
— Elizabeth Warren (@SenWarren) July 6, 2026
SEN. ELIZABETH WARREN: "IT'S TIME TO TAX AI."
— The Wolf Of All Streets (@scottmelker) July 7, 2026
Under current law, employees and employers each pay a 6.2 per cent Social Security payroll tax on earnings up to $184,500 (£137,759.69) in 2026. Any income earned above that threshold, however, is exempt from these specific payroll taxes.
Warren and Moreno are calling for the complete removal of this cap. They argue that high earners should continue paying Social Security taxes on all of their income, rather than stopping once they exceed the annual threshold.
‘Why should a middle-class nurse pay a larger share of her paycheck — than a wealthy corporate lawyer? This is doubly unfair in an economy in which top earners’ wages, over time, have pulled far ahead of those of the average worker,’ the senators wrote in their Times op-ed.
‘This is a no-brainer: The wealthiest Americans, who have benefited the most from America’s opportunities, should contribute the same percentage of their income as a factory worker in Chillicothe, Ohio, or a teacher in Worcester, Mass.’
https://www.ibtimes.co.uk/proposed-social-security-overhaul-retirement-income-crisis-1807223