Trust fund on track to empty by 2032 after years of deficits.
Automatic 22 percent benefit cut kicks in if nothing changes.
Payroll tax still capped at 184,500 dollars of wages.
Benefits formula pays most people more than they contributed thanks to longer lives and wage adjustments.
Bottom 20 percent of older Americans get only 7 percent of total benefits.
Elderly now the wealthiest age group overall.
Workers supporting each beneficiary have dropped 24 percent since 1990.
Democratic plans lean toward uncapping the tax often with a doughnut hole above 400,000 dollars.
Republican ideas include higher retirement age or flatter benefits but stay muted.
Polls show voters prefer tax hikes over benefit cuts.
The Atlantic full article: https://www.theatlantic.com/ideas/2026/07/social-security-taxes-benefits/688042/
Related Atlantic piece on payroll tax myths: https://www.theatlantic.com/ideas/2026/07/social-security-insolvency-solution/687766/
SSA official summary of the 22 percent cut projection: https://www.ssa.gov/oact/trsum/