(NewsNation) — Social Security reform has long been seen as a political minefield, but a new poll shows Americans on both sides of the aisle agree on several potential fixes.
Congress has roughly a decade to shore up the program, which is facing a financial shortfall. Otherwise, millions of people will see their Social Security benefits slashed.
The payroll tax
A new survey by the University of Maryland’s Program for Public Consultation (PPC) shows that most Americans agree on some proposals to increase revenues and cut costs.
Across six swing states, 86% to 89% of respondents support subjecting all wages over $400,000 to the payroll tax, the poll found. That change would eliminate 60% of the shortfall, the report said.
Nationally, 87% were in favor of the idea, including 86% of Republicans and 89% of Democrats. Today, the payroll tax only applies to wages up to $168,600.
A majority of Republicans (87%) and Democrats (87%) surveyed also supported gradually raising the payroll tax rate from the current level of 6.2% to 6.5% by 2030.
The payroll tax is Social Security’s primary source of income, but due to an aging workforce, higher life expectancy and low birth rates, current collections won’t be enough to pay out full benefits in the future.
The findings imply most voters support congressional Democrats’ recent efforts to impose payroll taxes on higher incomes.
Social Security plans, raising retirement age
Meanwhile, Republicans have been less forthright about their Social Security plan, but the survey suggests two benefit reductions may be politically palatable.
Nationally, most Republicans (92%) and Democrats (93%) supported reducing benefits for the top 20% of income earners.
Respondents were also given the option of gradually raising the retirement age, which is currently 67. The poll found that 89% of respondents supported raising the retirement age to 68 by 2033.
Steven Kull, who heads the PPC at the University of Maryland, said the poll shows Americans on both sides of the aisle are measured and thoughtful when given the full Social Security picture.
“There’s a kind of convergence around spreading the pain in different ways,” he said.
It also suggests Social Security reform is less politically fraught than many politicians and members of the media have made it out to be.
“What this tells us is that political leaders have the option of pursuing this,” Kull said. “If they explain this to the public, the public will get on board.”
Social security policymaking simulation
Unlike a traditional poll, respondents went through an interactive “policymaking simulation” where they were presented with the pros and cons of each potential reform. Each choice included gradations that allowed respondents to show their level of support.
You can go through the same interactive simulation here.
The survey was fielded Aug. 2-17, 2024 with 4,677 adults and included approximately 600 people each in Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin, as well as, 1,224 nationally.
