Elon Musk’s fortune recently crossed into territory few people thought possible. Social Security’s finances, meanwhile, are headed in the opposite direction.
That contrast was front and center when Sen. Bernie Sanders (I-VT), took aim at the world’s richest man, arguing that Musk pays the same amount into Social Security as someone earning $184,500 a year.
"Today, Elon Musk, a trillionaire, pays the same amount into Social Security as someone making $184,500," Sanders wrote in a June 12 post on X.
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He wasn’t simply criticizing Musk’s wealth. He was making a case for one of the biggest changes to Social Security funding in decades.
"If we end that absurdity and lift the cap on taxable income, we can make Social Security solvent for 75 years and expand benefits by $2,400," Sanders wrote. "My Social Security bill does that."
The $184,500 Ceiling Drawing Fire
Most workers pay Social Security taxes on every paycheck throughout the year. But only up to a point.
For 2026, wages above $184,500 are exempt from the Social Security portion of payroll taxes. Once a worker reaches that threshold, the 6.2% tax no longer applies to additional earnings.
That means someone earning $184,500 and someone earning millions in salary can end up contributing the same amount toward Social Security during the year.
Sanders has long argued that structure no longer makes sense, particularly as wealth at the top has exploded.
His latest example was Musk, whose net worth surged into trillionaire territory after SpaceX’s valuation climb and public debut helped propel him over the $1 trillion mark. Yet under current rules, his Social Security contributions remain capped the same as a high-earning professional.
A Retirement Program Running Short On Time
The debate comes as Social Security faces mounting financial pressure.
According to the latest Social Security Trustees Report, the trust fund that pays retirement benefits is projected to run short of reserves in the early 2030s. If lawmakers fail to act, automatic benefit reductions could follow.
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That reality has turned Social Security into one of Washington’s biggest long-term financial challenges.
An aging population, longer life expectancies and fewer workers supporting each retiree have squeezed the program’s finances for years.
The result is a simple but uncomfortable question: Who should pay more to keep the system running?
Sanders Says The Wealthiest Can Close The Gap
Sanders’ proposed Social Security Expansion Act would apply payroll taxes to income above $250,000, creating what supporters often call a "donut hole" between the current wage cap and the new threshold.
Backers of the proposal say the additional revenue could keep Social Security fully funded for 75 years while also increasing benefits by roughly $2,400 annually.
Supporters also note that most households would see no direct tax increase because the proposal targets higher-income earners.
Critics, however, argue that higher payroll taxes could discourage investment, entrepreneurship and economic growth. Some favor other solutions, including gradually raising the retirement age or adjusting benefits for wealthier retirees.
Others point out that Musk’s wealth largely comes from stock ownership rather than traditional wages, making comparisons between net worth and payroll taxes more complicated than they first appear.
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The Debate Isn’t Going Away
Congress has yet to rally around a single solution, and major Social Security reforms remain politically difficult.
But as the program’s financial clock continues ticking, proposals that once seemed unlikely are getting renewed attention.
For workers nearing retirement, the uncertainty highlights the importance of having a plan that doesn’t rely exclusively on future policy decisions. Social Security remains a cornerstone of retirement income for millions of Americans, but many financial professionals recommend building additional sources of income through retirement accounts, investments and other savings strategies.
For workers wondering how to build income outside of Social Security’s uncertain future, Mode Mobile offers one option worth a look. The company’s EarnPhone turns everyday smartphone use into passive income, and Mode Mobile is currently running a Reg A+ equity crowdfunding round, giving everyday investors a chance to buy a stake in the company itself rather than just using the app.
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