1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Social Security: Removing the Taxable Maximum and Long-Term Program Solvency Updated December 2, 2021 Social Security payroll taxes are levied on covered earnings up to an annual maximum amount, referred to as the taxable
2、earnings base (also called contribution and benefit base or taxable maximum). Raising or removing the taxable maximum is one potential policy change that would increase the revenue of the Social Security program and reduce the projected long-term deficit. In the past decade, the estimated percentage
3、 of the long-term funding shortfall that would be eliminated by raising or removing the taxable maximum has generally decreased. Background Social Security is facing a projected long-range funding shortfall. The Social Security Board of Trustees projects that the asset reserves held by the trust fun
4、ds will begin to decline in 2021 and will be depleted in 2034 (under the intermediate assumptions in the 2021 Annual Report). Following depletion of trust fund reserves, ongoing tax revenues are projected to cover 78% of scheduled benefits. One option to improve Social Securitys finances is to incre
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