An analysis by CRFB finds the Senate's One Big Beautiful Bill Act would hasten Social Security and Medicare trust fund depletion, potentially triggering benefit cuts in 2032.

One of the primary components of this funding is the Basic Medicare Tax Rate, set at 1.45%. Unlike the Social Security tax, this rate applies to all earnings without an income cap.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his ...