The long-term solvency of the Social Security trust fund has been a topic of concern for both Congress and individual taxpayers for years. Congress often puts forth bills to address the program’s projected financial shortfall. Some proposals aim to achieve financial balance by reducing costs (such as benefit amounts) while other proposals aim to achieve financial balance by raising revenues (such as payroll taxes). The Social Security Board of Trustees recently estimated the Social Security benefit and payroll tax implications of four short- and long-term hypothetical measures to keep Social Security trust funds solvent. Read the Congressional Research Service report: https://bit.ly/3uMbCPx. Contact us with questions © 2024