Gillibrand Slams Trump Administration For Undermining Seniors’ Benefits; Touts Bill To Protect Social Security

Gillibrand Slams Trump Administration For Undermining Seniors' Benefits; Touts Bill To Protect Social Security

Jun 10, 2026

Because Of Republicans' Budget Bill And Restrictive Trump Administration Immigration Policies, Social Security's Retirement Trust Fund Will Be Depleted By 2032-Earlier Than Previously Estimated

Gillibrand's Legislation Would Extend The Solvency Of Social Security For 75 Years By Requiring The Wealthiest Americans To Pay Their Fair Share Of Payroll Taxes

Following the release of the annual Social Security Trustees Report and Republicans' newest plans to cut Social Security, Medicare, and Medicaid, U.S. Senator Kirsten Gillibrand (D-NY) slammed the Trump administration for its role in depleting the Social Security trust fund and jeopardizing seniors' benefits.

"Americans who have worked hard their entire lives deserve every dollar of Social Security they were promised, but their benefits are now projected to be cut by more than 20% in six years," said Senator Gillibrand. "Seniors on fixed incomes cannot afford a benefit cut - they need relief. Instead of acting, Republicans are standing aside while Trump gives tax breaks to billionaires. Republicans must stop running out the clock and work with Democrats to strengthen Social Security before it's too late."

According to the Trustees Report, Social Security's Old-Age and Survivors Insurance Trust Fund, which supports payments to retired workers and survivors of deceased workers, is expected to run dry in 2032 - earlier than the estimate provided in last year's report. At that time, beneficiaries would only receive about 78% of the benefits they are owed unless changes in law are made. Roughly 63 million people receive Social Security retirement and survivors benefits, while 8 million receive disability benefits.

Last year, Senator Gillibrand introduced the Social Security Expansion Act to extend the solvency of Social Security for 75 years by requiring the wealthiest American households to pay their fair share of payroll taxes. Under the current formula, a CEO making $20 million a year pays the same amount into Social Security as individuals making $184,500 a year. This legislation would lift the cap on Social Security, requiring income above $250,000 to be subject to the Social Security payroll tax and thus increasing the amount paid into the Social Security trust fund to increase its longevity. Under this bill, over 91 percent of American households would not experience a tax increase. The full text of this bill can be found here.

The depletion of Social Security funds is due in part to the Trump administration's reckless policy agenda. The so-called "One Big Beautiful Bill Act," which was passed by Republicans in Congress and signed into law by President Trump last year, permanently lowered income tax rates. This resulted in less tax being paid on Social Security benefits, reducing the revenue flowing to the Social Security trust fund and decreasing its solvency. At the same time, the administration's deportation efforts and restrictive immigration policies have further reduced the revenue for the trust fund, as legal immigrants and many undocumented workers pay billions of dollars in Social Security taxes, but undocumented immigrants are not eligible to receive Social Security benefits.

In addition to the Social Security Expansion Act, Senator Gillibrand has proposed multiple pieces of legislation to help ensure that seniors can continue to get the full benefits they are owed and to reverse disastrous Trump administration cuts to the Social Security Administration (SSA):

• The Boosting Benefits and COLAs for Seniors Actwould protect and expand Social Security benefits by changing the formula used to calculate yearly cost-of-living adjustments (COLAs) to better account for the unique expenses that older adults face.
• The Keep Billionaires Out of Social Security Actwould reverse Trump administration cuts to SSA, prohibit unnecessary Social Security field office closures, boost staffing levels to help reduce wait times and make it easier for seniors and people with disabilities to get help over the phone, protect Americans' data, and provide the resources SSA needs to help approve earned benefits quickly.

###