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Social Security Payroll Taxes
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Book Synopsis The Payroll Tax for Social Security by : John A. Brittain
Download or read book The Payroll Tax for Social Security written by John A. Brittain and published by . This book was released on 1972 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the first detailed analysis of the federal payroll tax and its effect on wage earners, employers, and the economy as a whole. The author puts to rest the "insurance" analogy and subjects the tax to a series of criticisms based on the judgment that tax rates on personal income should be based on ability to pay. His analysis shows that both halves of the tax - including the half nominally paid by employers - actually come out of employees' earnings. Moreover, the tax is regressive, since it takes a bigger bite from low than from high incomes and offsets the progressiveness of the personal income tax over a wide range. To correct these inequities, the author suggests alternative ways of financing the social security system without curtailing its benefits - preferably by phasing out the payroll tax and letting the income tax cover the cost of this essential social program.
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security Publisher : ISBN 13 : Total Pages :106 pages Book Rating :4.0/5 (18 download)
Book Synopsis Employer Payment of Social Security Taxes ; Benefit Formula Differential by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security
Download or read book Employer Payment of Social Security Taxes ; Benefit Formula Differential written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security and published by . This book was released on 1979 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security Rules and Marginal Tax Rates by : Martin S. Feldstein
Download or read book Social Security Rules and Marginal Tax Rates written by Martin S. Feldstein and published by . This book was released on 1992 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The social security payroll tax has become the largest tax paid by the majority of American households. Although, the statutory marginal social security tax rate is the same for all those with wage and salary income up to the maximum level, the complex rules linking social security taxes and subsequent benefits imply that the net marginal social security tax on individual earnings varies substantially among individuals. For some taxpayers, the net marginal social security tax is equal to the statutory rate, while for other taxpayers the combined effect of the tax and the resulting benefits implies a very much lower net marginal tax rate or even a negative marginal tax rate when the incremental benefits exceed the additional taxes.
Book Synopsis Social Security Policy Options by : Noah Meyerson
Download or read book Social Security Policy Options written by Noah Meyerson and published by . This book was released on 2010 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security by : Rita Ricardo-Campbell
Download or read book Social Security written by Rita Ricardo-Campbell and published by Hoover Institution Publication. This book was released on 1977 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book Rita Ricardo Campbell translates the arcane intricacies of Social Security into terms intelligible to lay readers. She thereby fills the long-standing need for a lucid, up-to-date, authoritative guide to the system. She not only examines the gulf between how the sytem ideally should work and how it actually does work, but also offers incisive, realistic proposals for overdue reforms. Social Security is a subject no one can afford to ignore or fail to understand. At its inception the maximum tax per person was $60 per year; today its almost $2,000. Thirty-two million individuals currently receive benefits, and 90 percent of the workforce pays Social Security taxes; nearly one-half pay more in social security than in federal income tax. For those who seek an intelligent analysis of Social Security Campbell's book will be welcome and invaluable.
Book Synopsis Allocating Payroll Tax Revenue to Personal Retirement Accounts to Maintain Social Security Benefits and the Payroll Tax Rate by : Martin S. Feldstein
Download or read book Allocating Payroll Tax Revenue to Personal Retirement Accounts to Maintain Social Security Benefits and the Payroll Tax Rate written by Martin S. Feldstein and published by . This book was released on 2000 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an earlier paper we analyzed a method of combining traditional tax financed pay-as-you-go Social Security benefits with annuities financed by Personal Retirement Accounts. We showed that such a combination could maintain the level of retirement income projected in current Social Security law while avoiding a future increase in the payroll tax rate. The current paper extends the earlier analysis in four ways: (1) We now specify that the funds deposited in the Personal Retirement Accounts come from allocating 2 percent of the 12.4 percent payroll tax instead of being additional funds provided from outside the system. (2) We discuss the effects of the uncertain return on investment based annuities. (3) We provide estimates of the cost of permitting bequests if individuals die either before retirement or during the first twenty years after retirement. (4) We update the statistical basis for our estimates to be consistent with the 2000 Social Security Trustees Report. Our analysis shows that a program of Personal Retirement Accounts funded by allocating 2 percent of the 12.4 percent payroll tax collections can maintain the retirement income projected in current law while avoiding any increase in the 12.4 percent payroll tax. The combination of the higher return on the assets in the Personal Retirement Accounts and the use of the additional corporate profits taxes that result from the increased national saving in Personal Retirement Accounts is sufficient to maintain the solvency of the Social Security Trust Fund even though the tax payments to the fund are reduced from 12.4 percent of taxable payroll to 10.4 percent of taxable payroll. Although there is a period of years when the Trust Fund must borrow, it is able to repay this borrowing with interest out of future tax collections. In the long run, the Trust Fund becomes very large, implying that it would be possible to reduce the payroll tax further or to increase retirement incomes above the levels projected in current law
Book Synopsis The Tax Treatment of Social Security by : Mickey D. Levy
Download or read book The Tax Treatment of Social Security written by Mickey D. Levy and published by . This book was released on 1980 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Raiding the Trust Fund by : Allen W. Smith
Download or read book Raiding the Trust Fund written by Allen W. Smith and published by Ironwood Publications (FL). This book was released on 2015-09-29 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt: The money's gone! Social Security doesn't have $2.7 trillion stashed away for paying benefits, as so many people believe. It cannot pay benefits for another 20 years, as is often claimed. In fact, Social Security does not have enough money to pay full benefits, even for 2014, without borrowing money from China or another of our creditors. How can this be? Wasn't Social Security fixed by the Social Security Amendments of 1983, which included a large increase in payroll taxes? That's what we were told at the time. President Reagan signed that legislation into law with great fanfare on April 20, 1983. With his comments at the signing ceremony, Reagan gave the impression that it was a proud day for America. But, instead of being a proud day for America, as Reagan implied, the day the new legislation was signed into law, turned out to be a day of shame for the United States. The Social Security Amendments of 1983 laid the foundation for 30 years of government embezzlement of Social Security funds. The money was used to pay for wars, tax cuts for the rich, and other government programs. The payroll tax hike of 1983 generated a total of $2.7 trillion in surplus Social Security revenue. This surplus revenue was supposed to be saved and invested in marketable U.S. Treasury bonds, which would be held in the trust fund until the baby boomers began to retire in about 2010. But not one dime of that money ever made its way to the Social Security trust fund. The 1983 legislation was sold to the public, and to Congress, as a long-term fix for Social Security. With the help of Alan Greenspan, Reagan was a super salesman, who could have sold almost anything to the public-even a scam. And that's exactly what he was selling. Reagan intended to use the surplus Social Security revenue to replace revenue lost because of his unaffordable income tax cuts. Instead of being set aside for the retirement of the baby boomers, as was the intent of the legislation, the extra Social Security revenue was deposited directly into the general fund just like income tax revenue. From the very beginning, Reagan and his advisors had no intention of saving and investing the new revenue for the retirement of the baby boomers. They needed additional general tax revenue, and an increase in the payroll tax would be much easier to enact than higher income taxes. Also, the potential to get vast amounts of revenue was much greater with a payroll tax increase than from an income tax increase. The baby boomers, the largest generation of Americans who ever lived, were already making large contributions to the Social Security fund. Like all previous generations, prior to 1983, the boomers were being required to pay the full cost of benefits paid to the previous generation. But, the proposed new legislation would hit the boomers with a double whammy. In addition to paying for their parents' benefits, the new law would require the baby boomers to also pay enough additional taxes to prepay the cost of their own benefits. This would generate a potential gold mine of surplus revenue that could be tapped and used for other purposes. But none of the $2.7 trillion in additional Social Security revenue was ever saved or invested in anything. The actual surplus money was replaced with nonmarketable government IOUs, which cannot be converted into cash or used to pay Social Security benefits. It would have been bad enough if only Reagan had looted Social Security money. But George H.W. Bush, Bill Clinton, and George W. Bush all followed in Reagan's footsteps and spent all of the Social Security surplus revenue for non-Social Security purposes, just like Reagan. This book is a must read for all who care about the future of Social Security and the integrity of their government.
Book Synopsis The Efficiency Gains from Social Security Benefit - Tax Linkage by : Alan J. Auerbach
Download or read book The Efficiency Gains from Social Security Benefit - Tax Linkage written by Alan J. Auerbach and published by . This book was released on 1985 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the efficiency gains from linking marginal Social Security benefits to marginal Social Security payroll taxes. In the U.S. the current combined employer-employee OASI payroll tax rate is 10.4 percent. Recent estimates suggest that the average marginal income tax rate is roughly 27 percent (Barro and Sahaskul (1983)). If marginal OASI payroll taxes provided no marginal Social Security benefits or were incorrectly perceived to provide nomarginal benefits, the effective marginal federal government taxation of labor supply would average roughly 38 percent. Since the efficiency costs of distortionary taxation rise as roughly the square of the tax rate, the Social Security payroll tax may be more than doubling the dead weight loss of labor income taxation.The findings of this paper suggest that there may be very significant efficiency gains available from tightening the connection between marginal Social Security taxes paid and marginal Social Security benefits received. Indeed, the simulated efficiency gains are very large in comparison with those obtained from analyses of the gains from structural tax reform. Restructuring Social Security to greatly enhance marginal benefit-tax linkage may be infeasible, at least in the short run. However, simply providing annual Social Security reports indicating how a worker's projected benefits are affected by his or her tax contributions could provide substantial increases in economic efficiency. Such efficiency gains are potentially as large as increasing GNP by 1 percent this year and every year in the future
Book Synopsis Social Security by : Peter J. Ferrara
Download or read book Social Security written by Peter J. Ferrara and published by Cato Institute. This book was released on 1980 with total page 508 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Payroll Taxes, Health Insurance, and SBA Budget Proposals by : United States. Congress. House. Committee on Small Business
Download or read book Payroll Taxes, Health Insurance, and SBA Budget Proposals written by United States. Congress. House. Committee on Small Business and published by . This book was released on 1991 with total page 88 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Opting Out of Social Security and Adverse Selection by : Laurence J. Kotlikoff
Download or read book Opting Out of Social Security and Adverse Selection written by Laurence J. Kotlikoff and published by . This book was released on 1998 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper compares two general methods of privatization social security: forced participation in the new privatized system vs. letting people choose between the new system or staying in social security (i.e., opting out). Simulations are performed using a large scale perfect-foresight OLG simulation model that incorporates both intra-generational and inter-generational heterogeneity. The decision of any agent to opt out is endogenous and depends on the opting out decisions of all other agents vis- ...-vis factor prices. Various tax bases are considered in financing the transition path, as well as the perceived tax-benefit linkage due to the informational problems inherent in many social security systems. We consider two cases: full and no perception Both methods of privatizing social security lead to large long- run gains for all lifetime income classes despite the intra-generational progressivity of social security, but differ in their short run effects due to adverse selection associated with opting out. Adverse selection is a key reason why many economists oppose opting out and why many plans to privatize social security systems mandate participation. This paper, however, shows this wisdom to be wide of the mark. Opting out is better at protecting the welfare of the initial elderly, even though forced participation protects their real value of social security benefits because opting out continues to collect payroll tax revenue from those who stay with social security. Opting out can mean quicker transition paths by reducing social security wealth faster than forced participation, because many will forfeit their accrued claims as the price of opting out. Yet opting out, along with a decrease in the payroll tax rate is better at shifting the burden to future workers who benefit from privatization.
Book Synopsis Social Security Financing by : Felicity Skidmore
Download or read book Social Security Financing written by Felicity Skidmore and published by Cambridge, Mass. : MIT Press. This book was released on 1981 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: For most of its working life--which began in 1935--the social security system has been the most popular and creditable social program in the United States. Its benefits have grown over the years--and not only in nominal terms, but in real ones as well. Public trust in its soundness has been as close to universal as its coverage, which now stands at nearly 94 percent of the working population. By the early 1970s, however, serious cracks in the financial underpinnings of the system began to be widely noted. The crisis of public confidence that developed--with some clamoring to get out of the system altogether--realistically reflected financial difficulties that are apt to persist through the first half of the twenty-first century, based on current projections of declining birth rates (causing a higher retiree/worker ratio) and productivity growth rates."Social Security Financing" faces up to these and related problems and proposes a range of workable solutions, including alternative methods for financing the system that would overhaul its entire fiscal structure. The book--which is based on an intensive study sponsored by the Social Security Administration and conducted by Mathematica Policy Research and the National Institute for Advanced Studies in 1980--deals with both the economics and the politics of the issues involved.Contents: "Alternate Methods of Social Security Financing: Overview of the Symposium, " Felicity Skidmore; "Issues in Social Security Financing: History and Policy Framework, " Marilyn Manser; "The Economic Effects of Social Security's OASI Program, " George F. Break; "Financing Social Security: A Reappraisal, " Richard A. Musgrave; "Financing Social Security: VAT Versus the Payroll Tax, " Charles E. McLure, Jr.; "Political Perspective on Social Security Financing, " Peter N. Stearns; "Sorting Out the Issues in Social Security Financing: American Politics and Public Opinion, " D. Garth Taylor.
Author :United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security Publisher : ISBN 13 : Total Pages :96 pages Book Rating :4.:/5 (327 download)
Book Synopsis Employer Payment of Social Security Taxes ; Benefit Formula Differential by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security
Download or read book Employer Payment of Social Security Taxes ; Benefit Formula Differential written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security and published by . This book was released on 1979 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Stabilization Publisher : ISBN 13 : Total Pages :72 pages Book Rating :4.:/5 (327 download)
Book Synopsis Economic Impact of Payroll Taxes by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Stabilization
Download or read book Economic Impact of Payroll Taxes written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Economic Stabilization and published by . This book was released on 1980 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Social Security Bulletin written by and published by . This book was released on 1975-08 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Security Modernization by : United States. Congress. Senate. Special Committee on Aging
Download or read book Social Security Modernization written by United States. Congress. Senate. Special Committee on Aging and published by . This book was released on 2010 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
