Gillibrand Statement On New Report That Impending Social Security Benefit Cuts Will Be Deeper Than Predicted

Gillibrand Statement On New Report That Impending Social Security Benefit Cuts Will Be Deeper Than Predicted

Sep 29, 2026

New Report Finds Social Security Benefits Could Be Cut 26% In 2032

Gillibrand's Social Security Expansion Act Would Extend The Solvency Of Social Security For 75 Years By Requiring The Wealthiest Americans To Pay Their Fair Share Of Payroll Taxes

Following the release of a new report finding that Social Security benefit cuts could be deeper than previously predicted - up to 26% - U.S. Senator Kirsten Gillibrand (D-NY) slammed the Trump administration for its role in jeopardizing seniors' benefits and demanded passage of her legislation to extend the solvency and guarantee of Social Security.

"Americans who have worked hard their entire lives deserve every dollar of Social Security they were promised. But due to Trump administration and Republican inaction, their benefits are on track to be slashed by 26% in just six years," said Senator Gillibrand. "We must take immediate action to prevent this benefit cut. As the top Democrat on the Senate Aging Committee, I'm demanding swift passage of my legislation to blow the Social Security cap, make wealthy Americans pay their fair share, and prevent these draconian benefit cuts."

This year's annual Social Security Trustees Report, which was released in June, previously concluded that Social Security's retirement trust fund will be depleted by 2032. A new Congressional Budget Office (CBO) report released earlier this month concluded that at that time, seniors will see their benefits cut by about 26%-a higher percentage than previously predicted.

Last year, Senator Gillibrand introduced the Social Security Expansion Act to extend the solvency of Social Security for 75 years by requiring the wealthiest American households to pay their fair share of payroll taxes.

Under the current formula, a CEO making $20 million a year pays the same amount into Social Security as individuals making $184,500 a year. This legislation would lift the cap on Social Security, requiring income above $250,000 to be subject to the Social Security payroll tax and thus increasing the amount paid into the Social Security trust fund to increase its longevity. Under this bill, over 91 percent of American households would not experience a tax increase.

The full text of this bill can be found here.

The depletion of Social Security funds is due in part to the Trump administration's reckless policy agenda. The so-called "One Big Beautiful Bill Act," which was passed by Republicans in Congress and signed into law by President Trump last year, permanently lowered income tax rates. This resulted in less tax being paid on Social Security benefits, reducing the revenue flowing to the Social Security trust fund and decreasing its solvency. At the same time, the administration's deportation efforts and restrictive immigration policies have further reduced the revenue for the trust fund, as legal immigrants and many undocumented workers pay billions of dollars in Social Security taxes, but undocumented immigrants are not eligible to receive Social Security benefits.

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