Sen. Wyden highlights $2 trillion tax evasion by ultra-rich impacting Social Security

During a Senate Budget Committee hearing, Sen. Ron Wyden highlighted the issue of tax evasion among the ultra-wealthy, stating that they avoid nearly $2 trillion in taxes every decade. This significant amount could be utilized to maintain the solvency of Social Security until the end of the century. Wyden emphasized that instead of cutting benefits, lawmakers should focus on cracking down on tax dodgers to ensure the program's longevity. Sen. Sheldon Whitehouse, who presided over the hearing, criticized Republican proposals to raise the retirement age, arguing that such measures would disproportionately affect low-income retirees. He asserted that if benefit cuts are off the table, the only viable solution to prevent insolvency is to raise revenue through fair taxation. The hearing took place amid a presidential race where Social Security has become a focal point, with Democrats warning against potential cuts proposed by GOP nominee Donald Trump. Democratic nominee Kamala Harris pledged to protect the program, which has been instrumental in reducing poverty for millions. Progressive lawmakers and advocacy groups have long argued that ensuring the long-term viability of Social Security requires making the wealthy contribute their fair share. Currently, due to the payroll tax cap, high earners stop contributing to Social Security after a certain income threshold, which limits the program's funding and sustainability.