Why Is Social Security Looking Bleak By 2035?


As previously mentioned, currently, the total payroll tax is paid equally by the employee and the employer. If we witness a 3.14% increase, it is possible that both sides will support it equally, as before. There is also the option in which the employer will pay more than the employee, thus trying to hide the increase in taxpayers’ taxes.

There is already a legislative proposal entitled Social Security 2100 Act submitted by John Larson that suggests an equal share of the payroll tax increase, which would generate an increase in the tax rate of up to 7.4% for both the employee and the employer. Although the bill has gained some support, it is currently still being debated in Congress.

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