Tax changes will make Social Security go insolvent sooner than previous estimate

The top actuary for Social Security's trust funds on Tuesday confirmed that the insolvency date of those funds has moved up due to the recently-enacted tax and spending package, leaving policymakers with a little less time to stabilize the program's finances.The Office of the Chief Actuary for Social Security sent a letter in response to an inquiry by Senate Finance Committee Ranking Member Ron Wyden, D-Ore., about the effect of the One Big Beautiful Bill Act (OBBBA) on the safety net program's trust funds.Chief Actuary Karen Glenn explained in the letter that the permanent lower income tax ra