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The Social Security system is financed by taxes on the wage and salary incomes and the profit incomes of self-employed persons who are currently working and paying into the system. These individuals pay Social Security tax of 6.2 percent on incomes up to roughly $137,700 with a matching payment by their employers. Income above $137,700 is not subject to tax. Benefits are determined by how much a worker paid into the system over his/her working life. Thus the more one pays into the system the higher are the retirement benefits. The system was devised as a program that would provide a minimum retirement income to working persons. It was to be similar to a pension program.
Economic analysts are anticipating Social Security to run out of funds near the year 2036. There are many proposals for reforming Social Security, but only one fundamentally alters the nature of the current system: privatization.
For Critical Analysis:
Is the Social Security tax progressive, regressive, or proportional? Are Social Security transfer payments designed to redistribute income from upper to lower income retirees? What would happen if Social Security were privatized?
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