A looming Social Security debate: From the Politics Desk

Welcome to From the Politics Desk, a daily newsletter that brings you the NBC News Politics team’s latest reporting and analysis from the White House, Capitol Hill and the campaign trail.In today’s edition, Sahil Kapur dives into a Social Security debate that is particularly relevant for this year’s Senate candidates.Plus, Jonathan Allen examines the tricky position Democrats have put themselves in on corporate donations.— Adam WollnerSenate candidates run on raising Social Security taxes for higher incomes to prevent benefit cutsBy Sahil KapurA swath of Senate candidates across blue and red states are campaigning on raising Social Security taxes on higher incomes to prevent a benefit cut from taking effect in less than six years.Currently, Americans are taxed on earnings up to $184,500 to fund Social Security.

These candidates, most of them Democrats, are calling for lifting that cap in order to boost revenues, ahead of a fast-approaching 2032 deadline for insolvency.Social Security is fully funded until the fourth quarter of 2032, according to its latest trustees report, after which benefits will automatically be cut by 22% — unless Congress takes action.The class of senators elected this fall will serve six-year terms ending January 2033, giving them power to address that deadline.In battleground Michigan, Democratic nominee Abdul El-Sayed said in a statement that if elected this fall, “I will end the cap on Social Security tax to make sure the rich pay their fair share.

That way Social Security can last for decades to come.”He has called for nixing the cap in his official campaign platform.In red-leaning Iowa, Democrat Josh Turek supports eliminating the payroll tax cap, a spokesperson said, adding that if elected senator, he “will protect Social Security by lifting the cap to make billionaires pay their fair share.”And in the Republican stronghold of Texas, Democrat James Talarico is running on a platform to “ensure the wealthiest American...