Tag: Social Security
Self-employed and gig workers who fail to report all of their earnings to the federal government will pay a price: a smaller monthly Social Security check when they retire. Gauging the magnitude of this problem is tricky since the IRS doesn’t know how much is not being reported by a group of workers not easily…
The brief’s key findings are: As policymakers consider restoring balance to Social Security, understanding the reason for the shortfall is important. Specifically, the program’s “pay-as-you-go” approach, which dates back to the late 1930s, makes it expensive relative to a funded system. Paying full benefits to Depression-era workers meant forgoing the opportunity to accumulate more revenu…
