Despite growing anxiety about Social Security's finances, the Social Security payroll tax rate itself is not scheduled to change in 2027 under current law. It remains at 12.4 percent total, split evenly between workers and employers at 6.2 percent each, unchanged since 1990. What is rising for 2027 is the wage base, the maximum amount of annual earnings subject to that tax, projected to climb to roughly $190,200, up from $184,500 in 2026.

The official figure will be confirmed by the Social Security Administration on October 14, 2026. A bipartisan Senate proposal from Bernie Moreno and Elizabeth Warren would eliminate the wage base cap entirely, while Bernie Sanders has reintroduced his Social Security Expansion Act. Actuaries model that raising the rate from 12.4 percent to 16.1-16.7 percent would erase the program's 75-year shortfall.

None have passed into law as of this week.