Tag: Social Security
Social Security’s old-age pensions were designed to replace more of the earnings of retired low-wage workers than of higher-wage workers. But how is this progressivity affected by the federal income taxes paid by all workers and retirees? A study by economists at the Center for Retirement Research, which sponsors this blog, analyzed this complex issu…
The brief’s key findings are: The 2014 Trustees Report shows little change from last year: Social Security’s 75-year deficit rose modestly to 2.88 percent of payroll. But the deficit as a percent of GDP is still 1 percent. And trust fund exhaustion is still 2033, after which payroll taxes still cover about three quarters of…
