Planet Money · Wednesday, September 30, 2026
A proposed solution to Social Security's impending insolvency involves raising the payroll tax rate. Douglas Arnold, author of 'Fixing Social Security,' suggests increasing the rate from the current 6.2% for workers and employers to 8.4%. He argues this would resolve the funding issues for the next 75 years and is in the best interest of both current workers and future retirees.
“Well, the simplest, most straightforward fix is to simply raise the payroll tax.”
“If you raised it from 6.2% to 8.4%, that would solve 100% of the problem over the next 75 years.”
“And the argument here is that it is in everyone's best interest to raise the social security tax rate.”