With Congress once again considering changes to the Social Security program, the National Center for Policy Analysis has suggested two different approaches to shore up the system.
In an analysis titled "How Social Security Reform Could Benefit Workers," the nonpartisan, nonprofit think tank proposes a "baseline" program that retains the current level of benefits but increases payroll taxes by "an immediate and permanent … 3.3 percent."
Under that scenario, according to the analysis, "average-earning men born in 1985 will have to pay 13.5 percent of their lifetime income in taxes and receive benefits equal to 9.6 percent of their income, resulting in a lifetime net tax of 3.8 percent (13.5 – 9.6)."
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