Thanks for the overview, and details. Small item but big for readers' quick(er) comprehension!
"bringing the programs into balance over the 75-year horizon would require increasing payroll taxes by 3.85 [[percent*age points* on top of the current 15.3% (half of which is paid by employers) — a 25 percent increase. (This is assuming there are no other, more specifically targeted revenue increases, such as removing the contribution cap on high earners.)"]]
Thanks for the overview, and details. Small item but big for readers' quick(er) comprehension!
"bringing the programs into balance over the 75-year horizon would require increasing payroll taxes by 3.85 [[percent*age points* on top of the current 15.3% (half of which is paid by employers) — a 25 percent increase. (This is assuming there are no other, more specifically targeted revenue increases, such as removing the contribution cap on high earners.)"]]
Thx.
Thanks Steve! I was thinking percent of taxable payroll, but clarified this with an edit.