10 Sources of Income Social Security’s Payroll Tax Can’t Touch
Every month, Social Security doles out payments to nearly 65 million Americans, over 46 million of whom are retired workers. Without this guaranteed payout, more than 15 million retirees would be living below the federal poverty line.
Ensuring the financial well-being of our nation’s seniors requires a lot of incoming capital. In 2019, Social Security collected $1.06 trillion in revenue, with the 12.4% payroll tax on earned income providing the program with $944.5 billion. Though the payroll tax is Social Security’s workhorse and will remain so for the foreseeable future, there are 10 sources of income it can’t touch.
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