The Trump administration is pushing to reduce Social Security benefits, raise the retirement age and redirect federal funds toward tax cuts that primarily benefit the wealthiest Americans.
These efforts stand in sharp contrast to progressive advocate Lisa McCormick’s plan to strengthen Social Security, ensure its solvency and expand benefits by requiring the richest Americans to pay their fair share.
The Trump administration’s approach includes proposals to cut Social Security benefits, which critics say would disproportionately harm low- and middle-income retirees.
Raising the retirement age to 70 or beyond would force many workers, particularly those in physically demanding jobs, to delay accessing benefits they have earned. Behind closed doors, discussions of privatizing Social Security have raised concerns about exposing retirees’ savings to the volatility of the stock market.
“The 1983 overhaul of Social Security gradually raised the retirement age to 67, effectively cutting benefits by 13 percent as compared to benefits if it had remained at 65,” said McCormick.
These measures come as the administration continues to prioritize tax cuts for the wealthiest Americans and corporations. The resulting budget shortfalls have placed programs like Social Security in the crosshairs, with critics accusing Republicans of undermining the social safety net to fund fiscal policies that exacerbate income inequality.
In contrast, McCormick, a progressive advocate for working families who sought the Democratic nomination for US Senate in 2018, has proposed a plan to secure Social Security’s future while expanding benefits.
Her plan centers on eliminating the wage limit for the Social Security payroll tax, ensuring the wealthiest Americans pay the same rate as everyone else.
For the 2025 tax year, the wage base limit is $176,100 up from $168,600 in 2024. Once an employee’s salary reaches that limit, they are no longer required to contribute the Social Security payroll tax. McCormick’s proposal would remove this cap, requiring the richest three percent of Americans to pay the same rate on all their income as everyone else.
“It’s simple: if we want Social Security to remain strong, we need to make sure everyone pays their fair share,” McCormick said. “Right now, a CEO making millions pays the same amount into Social Security as someone earning $176,100. That’s not fair, and it’s not sustainable.”
The maximum amount of earnings subject to the Social Security tax in 2025 is $176,100, but by eliminating that “cap” McCormick’s plan would generate billions in additional revenue, ensuring Social Security’s solvency for decades to come.
She also advocates for increasing benefits to better reflect the rising cost of living and lowering the retirement age to allow workers to retire with dignity.
“Social Security is a promise we make to every American who works hard and pays into the system,” McCormick said. “We cannot break that promise by cutting benefits or forcing people to work longer. Instead, we should ask the wealthiest among us to contribute their fair share.”
“People talk about this as though it is an entitlement, but you are entitled to your Social Security benefit because it is an insurance program and you paid for it,” said McCormick. “The way to fix it is to balance fiscal responsibility, tax efficiency, and the certainty that beneficiaries depend on, ensuring Social Security remains a reliable safety net for all.”
The debate over Social Security’s future highlights a stark divide in American politics.
The Trump administration’s proposals align with a broader Republican agenda to reduce the federal government’s role in providing social safety nets. Meanwhile, McCormick’s plan reflects a commitment to fairness, equity and the belief that programs like Social Security should serve the many, not just the wealthy few.
As the 2024 election approaches, the future of Social Security remains a critical issue for millions of Americans. The choice between these two visions could determine whether the program continues to serve as a lifeline for retirees or becomes another casualty of partisan politics.
“This isn’t just about numbers on a spreadsheet,” McCormick said. “It’s about people’s lives, their dignity and their ability to retire with security. We have the power to protect and strengthen Social Security, but it starts with making sure the wealthiest pay their fair share.”