With Congress once again considering changes to the Social Security program, the National Center for Policy Analysis has suggested two different approaches to shore up the system.
In an analysis titled "How Social Security Reform Could Benefit Workers," the nonpartisan, nonprofit think tank proposes a "baseline" program that retains the current level of benefits but increases payroll taxes by "an immediate and permanent … 3.3 percent."
Under that scenario, according to the analysis, "average-earning men born in 1985 will have to pay 13.5 percent of their lifetime income in taxes and receive benefits equal to 9.6 percent of their income, resulting in a lifetime net tax of 3.8 percent (13.5 – 9.6)."
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
