* In 2010 and 2011, the 111th and 112th Congresses and Democratic President Barack Obama passed three laws that temporarily decreased the Social Security payroll tax during 2011 and 2012 by two percentage points
These line-in-the-sand income thresholds were only expected to impact higher-earning households when they were introduced. But sincenone of these thresholds have been adjusted for inflation over multiple decades, an increasingly larger percentage of senior households are affected by this t...
…Musk said. “People pay into Social Security, and the money goes out of Social Security immediately, but the obligation for Social Security is your entire retirement career. So if you look at the future obligations of Social Security, it far exceeds the tax revenue. …Basically, people are...
Payroll taxeswould have to rise by 3.5 percentage points to eliminate Social Security's projectedactuarial deficitover 75 years. This would ensure that the program has the funding to pay scheduled benefits in full over that time frame. The payroll tax rate is 12.4% with workers contributing 6.2%...
Most U.S. workers pay Social Security payroll taxes all through their careers. The current tax is 12.4%, typically split in half between workers and employers at 6.2% each (self-employed people pay for the full 12.4%). Thankfully, not all your income is subject to Social Security...
Although Social Security is underfunded by ~22%, I believe Social Security will make us all millionaires in retirement. Let me explain, especially with themassive cost-of-living adjustmentfor 2022. When I was driving home from San Mateo one day I took a wrong turn and ended up at Hillsdale...
While the taxable maximum is adjusted each year, the percentage of total earnings above that threshold has increased over time. This year, that meant a top earner with $1 million in gross annual wage incomestopped paying into Social Securityin March. ...
What Social Security looks like after 2033 will be determined by Congress rather than opinion polls. In the past, lawmakers have opted to increase payroll tax rates and, much less frequently, to raise the age of eligibility for benefits, to ensure the program's solvency. ...
It’s been ten days since the Social Security annual report to Congress has come out. I’ve been waiting for the devotees of SS to write something cheery about the report. For the most part the cheerleaders have been silent. That’s with good reason. The report stunk. There’s nothing...
"I have more seniors [in Florida] than just about anyone as a percentage. You know, we're not going to mess with Social Security as Republicans," DeSantis said on Fox News in March, responding to Biden's claims that Republicans supported cuts. ...