A growing number of Republicans are expressing openness to raising taxes on higher earners to help shore up Social Security as it faces impending insolvency. It marks a notable departure from the GOP's long-standing opposition to tax increases, but lawmakers are dealing with mounting pressure to address Social Security's funding shortfall. According to the latest projections, the Social Security trust funds are expected to face depletion in the early 2030s, which could trigger automatic benefit reductions if Congress fails to act. “Reality is setting in, and retirees don’t want their benefits cut,” Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek. “So what does that mean? The working public will likely have to shoulder more of the burden at a time when many are already dealing with higher prices, education costs, and an overall higher cost of living.” “The fact that some Republicans are now willing to consider higher taxes for Social Security reflects how little time Congress has left to avoid a substantial reduction in retirement benefits,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek. “The reality is that spending cuts alone become much harder to implement when the deadline is only a few years away.” https://www.newsweek.com/social-security-update-republicans-show-rare-support-for-raising-taxes-12415700 The youngest baby boomers are 61 to 62 years old in 2026 well how about that?