Ex-Social Security administrator calls for raising cap

Martin O’Malley, ex-Social Security Administration Commissioner, advocates for raising the cap on income subject to Social Security taxes to address the program’s impending funding crisis. A recent report forecasts a 22% reduction in monthly benefits for beneficiaries by 2032 if changes aren't made. This move aims to ensure the sustainability of Social Security, emphasizing the need for higher-income earners to contribute more to prevent drastic cuts for millions of retirees. This proposal underscores the urgency of finding solutions to preserve the financial stability of the program.