Tag: Social Security payroll tax
The net benefit of the programs to the middle class dwarfs the $153,000 in average net benefits for retired households in the top fifth of the lifetime earnings distribution, and it also exceeds the $196,000 gain for the bottom fifth. The middle class is defined as the second, third, and fourth of the five earnings…
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 a slow-growing labor force and the retirement of baby boomers, whic…