Tag: Social Security payroll tax
This is a fact of retirement life: older Americans haven’t paid as much into Medicare and Medicaid as government spends on their healthcare and nursing home stays. But it is middle-class retirees who get the most out of the system, according to a new study. Middle-income households receive about $230,000 to $260,000 more in Medicare and…
And raises enough new revenue to more than restore long-run balance. The Social Security actuaries project a program deficit over the next 75 years of 2.84 percent of taxable payrolls. As shown in Figure 1, this deficit reflects the combination of rising costs and constant levels of income. The increasing costs are the result of…