A Painful Payroll Tax Increase Could Be Coming to Save Social Security: What Working Americans Need to Know The looming depletion of Social Security's trust fund has been a recurring theme in Washington policy debates for years.
The program's Old Age and Survivors Insurance (OASI) Trust Fund is projected to become insolvent by 2032, prompting lawmakers to explore solutions. Raising the payroll tax rate from its current 12.
4% to cover the program's shortfall has been proposed as a way to shore up Social Security's finances. However, this hike comes with significant consequences for workers and employers.