Social Security is funded primarily through a dedicated payroll tax on earnings.
The taxable maximum changes from year to year with changes in the national average wage index.
In 2020, the taxable maximum equals $137,700.
This gradual shift has significant implications for Social Security.
This report examines that impact.
The report numerically estimates the impact that growing earnings inequality has on Social Securitys finances.
Key Findings:
Earnings inequality accounts for a considerable portion of Social Securitys fiscal challenges.
How Do Americans View Social Security?
