What to Know for Friday, November 6th, 2026:
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1: Proposals to fix Social Security’s funding all involve tradeoffs, and the next Congress faces a 2032 deadline
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(Image Credit: iStock)
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Raising or removing the wage cap is the leading idea: Employees and employers each pay a 12.4% combined Social Security tax on wages up to $184,500 in 2026. Sens. Elizabeth Warren (D-Mass.) and Bernie Moreno (R-Ohio) have proposed removing that cap, and the article says the idea has drawn bipartisan support. Analysts point out that raising the rate, rather than the cap, would work very differently.
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Advocates and critics disagree on whether taxing high earners can close the gap: Nancy Altman of Social Security Works wants Congress to expand benefits without cuts and have the wealthiest Americans pay their fair share. Andrew Biggs of the American Enterprise Institute argues that taxing the rich alone won’t fix the program, since high earners can shift their money. Romina Boccia of the Cato Institute warns that delay could leave seniors facing benefit cuts of more than 20%.
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The trust fund deadline and the benefit cut shape the debate: The trust fund is expected to run out in fewer than six years, and about 69 million people receive benefits. Reform needs 60 votes in the Senate, and analysts say Congress may wait until closer to the deadline
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➜ Read the full article from MarketWatch here.
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2: Democrats called on to pass Medicare-for-All and lower the Medicare eligibility age to 55
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(Image Credit: The NY Times)
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Sanders wants Medicare for All now, which he says 66% of Americans support: Sen. Bernie Sanders (I-Vt.) called on Democrats to pass Medicare for All when they take control of the Senate in January. He says health care should be a human right and cites polling showing 66% public support. Sanders is expected to chair the Senate Health, Education, Labor and Pensions Committee, which would give him a platform for the proposal.
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Sanders proposes a first step: lowering the Medicare age and adding benefits: He wants to lower the Medicare eligibility age from 65 to 55, add dental, vision, and hearing coverage, and guarantee health coverage for every child from birth through age 19. He would keep people’s private insurance in place during the transition. He also wants Congress to roll back the Medicaid cuts in the 2025 tax law and restore the enhanced ACA premium subsidies.
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Passing major changes would be hard while Trump is in office: The Hill reports that major change is unlikely in the next two years. Sanders suggests using reconciliation, a budget process that lets the Senate pass bills with 51 votes and bypass the filibuster. Republicans used that process for the 2025 tax law, and Trump would still have veto power over any bill.
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➜ Read the full article from The Hill here.
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3: Democrats could revive Social Security proposals after the midterms, but a Trump veto would stand in the way
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(Image Credit: Getty Images)
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Raising the payroll tax cap is the idea with the most bipartisan interest: Workers and employers each pay 6.2% on earnings up to $184,500 in 2026. Newsweek reports that Sens. Elizabeth Warren (D-Mass.) and Bernie Moreno (R-Ohio) have called lifting the cap a “common-sense solution,” and that Reps. Tom Cole (R-Okla.) and Lloyd Smucker (R-Pa.) have said they would consider higher payroll taxes. Experts say the change alone would not fully fix the program.
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Democratic bills would expand benefits and change how COLAs are calculated: The Social Security 2100 Act would raise benefits across the board, eliminate the five-month waiting period for disability benefits, and remove the wage cap after 2026. The Social Security Expansion Act would apply payroll taxes to earnings above $250,000, and it proposes a COLA based on spending by older Americans rather than the current consumer price index.
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A veto would make passing these bills difficult: Newsweek notes that President Trump can veto legislation, and Democrats would likely lack the two-thirds majority needed to override him. Trump has said seniors should pay no tax on Social Security, and Newsweek points to possible overlap on repealing taxes on benefits. The 2032 trust fund deadline applies regardless of which party controls Washington.
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➜ Read the full article from Newsweek here.
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Here’s What You Missed on YouTube:
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Check out our new YouTube videos for Friday, November 6th.
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Turn Your $75 Social Security Raise Into $280 a Month
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Turn Your $75 Social Security Raise Into $280 a Month
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This newsletter is for information only. Always confirm your options directly with Social Security, Medicare, Medicaid, or a qualified advisor before making big decisions about your benefits.
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