Tag: Social Security finances
Each year the Trustees of the Social Security system report on its financial health over the next 75 years. The 2011 Report shows that, despite reduced revenues and increased benefit claims in the short run, the system continues to face a 75-year deficit equal to about 2 percent of taxable payroll (see Figure). T…
In January 2011, employees across America experienced a cut in their payroll tax from 6.2 percent to 4.2 percent on their earnings up to the Social Security maximum ($106,800). (The self-employed saw their tax go from 12.4 percent to 10.4 percent.) The cut is supposed to expire at the end of the year. In t…
