Social Security and the blue wave: What could happen to payroll taxes and senior tax breaks

Congress has six years to enact changes to Social Security to prevent cuts to retirement benefits. Senators elected in the Nov. 3 midterms will be in office when the deadline arrives, and their decisions may be critical in making tax changes that can affect Social Security. During the midterm campaign season, tax policy surfaced in the debate over Social Security in two different ways. Many Democrats, and some Republicans, called for high earners to pay more in Social Security payroll taxes, while many Republicans touted a recently enacted tax deduction for adults 65 and older. The diverging tactics come at a crucial moment for reform: The first could increase revenue flowing into the program.