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Monday, February 21, 2005

Raising the Social Security Payroll Tax Cap Does Not Fix Social Security

The Heritage Foundation states cites SSA’s actuarial study showing that that eliminating the payroll tax cap entirely would only delay the start of Social Security’s annual deficits by six years, from 2018 to 2024. Eliminating the wage cap on payroll taxes while paying benefits on only the first $87,900 of earnings would delay the start of annual deficits by an additional year, to 2025.

Therefore, I can almost assure you that congress will pressure to "fix" Social Security in this manner.

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