Tag: taxable payrolls
![social_security_5](https://crr.bc.edu/wp-content/uploads/2022/11/social_security_5.jpg)
Introduction The Trustees of the Social Security system have just issued the 2008 projections for the system over the next 75 years. The report contains two surprises. First, the 75-year deficit dropped to 1.70 percent of taxable payrolls from the roughly 2 percent it has been for the last 14 years. The decline was driven…
![Senior man working at laptop at home](https://crr.bc.edu/wp-content/uploads/2022/11/social_security_1-1536x1025.jpg)
Introduction As just reiterated in the 2005 Trustees Report, Social Security faces a 75-year deficit equal to roughly 2 percent of taxable payrolls. Closing this gap requires either a cut in benefits or an increase in taxes. One approach to cutting benefits under consideration by the administration is to change how benefits are indexed. An…