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August 23, 2005
Facts About Social Security
- Every two-year election cycle that we wait to reform Social Security costs an additional $320 billion.
- The Social Security payroll tax rate has grown from just 2 percent in 1949 to 12.4 percent today.
- "Saving" Social Security without individual accounts could require a 50% increase in Social Security taxes or a 27% cut in benefits.
- Social Security taxes have been raised more than 40 times since the program began.
You can read more "Quick Facts" at Cato's website on Social Security.
Posted by Andrew Roth at August 23, 2005 5:29 PM | Print
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