Insolvency looms as social security surfaces as a defining issue in midterm races

Trust fund deadline approaches

The Social Security trustees’ latest report projects that the program’s main trust fund will be depleted by late 2032. After that, recipients would face benefit cuts exceeding 20%.

Tax cap enters campaign debate

The payroll tax currently applies to earnings up to $184,500; income above that limit is exempt. The tax rate is 12.4%, divided equally between employers and workers, each paying 6.2%.

Some candidates have supported eliminating the cap, which would subject more of high-income workers’ earnings to Social Security taxes. Economist Jon Schwabish’s analysis of 20 Senate races found that about half the candidates supported raising or removing it.

Maine voters weigh Social Security

In a September AARP poll of nearly 1,000 likely Maine voters aged 50 and older, 81% said Social Security was among the issues that would affect their vote. Republican Sen. Susan Collins and Democratic challenger Troy Jackson have each proposed ways to stabilize the program.

Jackson, a logger and former Maine state senator, has pledged to eliminate the payroll tax income cap. Collins has highlighted her work on the Social Security Fairness Act, which she co-sponsored with Democratic Sen. Sherrod Brown of Ohio.

Fairness Act and future benefits

The Social Security Fairness Act passed in 2025 under former President Joe Biden. It removed federal policies that had prevented some public-pension recipients from receiving their full Social Security benefits and reduced benefits for their surviving spouses and family members. In an interview, Collins said she remained committed to maintaining Social Security for current and future generations, citing her role as Senate Appropriations Committee chair and her advocacy for Maine seniors.