Tag: deficit
The 2020 Trustees Report, which was prepared before the onset of the COVID-19 pandemic, shows an increase in the program’s 75-year deficit from 2.78 percent to 3.21 percent of taxable payroll (see Figure 1). The depletion date for the trust fund remains at 2035. What does a deficit of 3.21 percent of taxable payrolls mean?&nbs…
Lawmakers have many ways to get around their own rules on fiscal discipline. Tax issues are on the front burner this fall in Washington. In the past, tax reformers have often supported the notion of making any package “revenue neutral” by pairing cuts in tax rates with offsetting reductions in tax preferences to prevent increasing…
