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The Social Security trust fund is projected to be depleted by the end of 2032 — at which point benefits could be automatically cut by as much as 22% on average, according to the 2026 Trustees Report (1) put out by the Social Security Administration (SSA).

Now, two Democrat lawmakers have proposed a solution that would not only avoid the cut but also boost benefits for some older Americans on the program.

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Rep. John B. Larson and Sen. Richard Blumenthal (2) have recently reintroduced the Social Security 2100 Act*,* which could potentially address the program's funding concerns if passed by Congress. The proposal has already won a strong endorsement from The Senior Citizens League (TSCL) (3).

"The bill is the gold standard for Social Security reform and accomplishes the majority of changes older Americans want to see for the program," TSCL Executive Director Shannon Benton said in a press release.

Here's a closer look at how this proposed bill could save the social safety net for millions of current and future retirees.

Social Security 2100 Act

The key lever used in this proposed legislation is higher taxes on wealthier Americans. The bill would eliminate the Social Security tax cap, which currently sits at $184,500 for 2026, according to the SSA (4). In addition, it would implement a new tax on investment income for taxpayers making over $400,000.

These two levers would generate significant revenue for the Social Security program, delaying the trust fund's depletion by as much as 32 years, according to TSCL's estimates. In fact, it would even allow for a benefit hike to some vulnerable retirees.

Average benefits could be raised by 2%, while the minimum benefit could be raised to 125% of the federal poverty line, helping low-income retirees. At the same time, the annual cost-of-living adjustment (COLA) would be shifted from tracking general inflation to a special Consumer Price Index for the Elderly (CPI-E) benchmark that more accurately measures inflation for older Americans.