General Revenue Financing of Social Security: Hearing Before

By reducing disincentives to work, save, and delay retirement, these reforms would also bolster the larger economy. The Social Security program runs annual deficits that accumulate to $75 trillion, which could be covered by (a) adding $10.6 trillion to the Trust Fund today, or (b) increasing payroll taxes by 31% starting in 2033, rising to a 40% increase by 2088, or (c) reducing benefits by 23% starting in 2033, rising to a 27% reduction by 2088.

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