Question of the Day

If lawmakers cover Social Security's looming fiscal shortfall by raising the payroll tax rate again, how much in added taxes will the average wage earner pay during a 45-year career?

Correct Answer

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Average wage earners would forfeit an additional $73,458 of their salaries to payroll taxes over the course of a 45-year career. This figure is measured in inflation-adjusted dollars. Without accounting for inflation, the figure is $150,323.

DocumentationSaving Social Security Payroll Tax Rate History