Former Social Security Commissioner Martin O'Malley has proposed raising the payroll tax ceiling to address the program's looming shortfall, but the plan would only eliminate about 67% of the projected funding gap. Social Security faces a 22% benefit cut in six years unless Congress acts. Currently, payroll taxes apply only to the first $184,500 of income in 2026, meaning wealthy individuals pay taxes on a fraction of their earnings. Eliminating the cap without increasing benefits for high earners would cover roughly two-thirds of the shortfall, leaving average earners still facing potential changes such as a higher payroll tax rate, increased benefit taxes, or a raised full retirement age.