A new report by the National Center for Policy Analysis examines the different proposals that have been suggested for fixing Social Security.

Called, "How Reforms Would Affect Social Security's Funding Shortfalls, Total Spending, and Distribution of Benefits and Taxes," the report compares the implications of maintaining Social Security's current benefit schedule with three changes that would reduce spending in different ways and one that would raise revenues immediately. It examines each proposal to analyze the extent to which each would reduce the program's long-run deficits, affect spending and change the distribution of benefits and taxes.

A 2011 Social Security Trustees Report stated that the current payroll tax rate of 12.4 percentage points of taxable payroll would have to be raised 2.1 percentage points to pay current-law benefits under both the Old Age and Survivors Insurance and the Disability Insurance programs for the next 75 years. To eliminate Social Security's long-run unfunded obligations in perpetuity, without benefits reductions, a solvency tax, or immediate and permanent payroll tax hike of 3.6 percentage points would be required, the report found.