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Payroll tax

Lawmakers managed to fix Social Security in the 1980s. But those fixes won't work a second time.

by Kimberly Adams
Jun 28, 2024
The Social Security program is on track to burn through its savings account by 2035 unless Congress changes the law before then. Social Security faced a similar funding crisis in the early 1980s.
Some of the fixes used in 1983, like exposing benefits to taxation, were one-time solutions. Congress will have to agree on more ways to increase funding before the 2035 deadline comes around.
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Why it's getting more expensive to hire workers in China

by Jennifer Pak
Aug 9, 2023
China’s government is making employers pay more into its social welfare system, just as the economy is stalling.
STR/AFP via Getty Images
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I've Always Wondered ...

Should the rich pay more into the Social Security system?

by Janet Nguyen
Jul 21, 2023
As the rich get richer, their income is escaping taxation.
The percentage of total earnings in the country that doesn't face Social Security taxes rose from 10% in 1982 to 19% in 2021. 
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Do employees have a say in whether to go on payroll tax holiday?

by David Brancaccio , Nova Safo , Candace Manriquez Wrenn and Alex Schroeder
Sep 2, 2020
It looks like it's going to depend on who they work for.
The Trump administration's guidance on the temporary payroll tax cut is addressed to companies, not individual employees,
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Payroll tax cut could mean Social Security benefits run out sooner

by David Brancaccio , Chris Farrell and Erika Soderstrom
Aug 26, 2020
A lot of older Americans rely on Social Security benefits to pay their bills.
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Trump's payroll tax holiday sows confusion

by Mitchell Hartman
Aug 10, 2020
President Trump has ordered Treasury to stop collecting the employee portion of payroll taxes for some workers through the end of 2020.
President Donald Trump signs an executive order and three memorandums extending coronavirus economic relief on Aug. 8. How the payroll tax holiday would benefit Americans remains unclear.
Jim Watson/AFP via Getty Images
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Even with the payroll tax cut from Trump's executive action, companies might continue withholding

by David Brancaccio , Meredith Garretson , Erika Soderstrom and Alex Schroeder
Aug 10, 2020
There's a lot of ambiguity to employers as to whether they're even allowed to reduce the withholding.
Jim Watson/AFP via Getty Images
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Trump considers carrying out COVID-19 economic relief with executive orders

by Sabri Ben-Achour , Nova Safo and Alex Schroeder
Aug 4, 2020
That includes an eviction moratorium and a payroll tax cut.
President Trump has said he wants to bring back some of the coronavirus pandemic relief himself, through executive orders.
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COVID-19

Would a payroll tax cut work in the COVID-19 economy?

by Kristin Schwab
Mar 11, 2020
Extra cash probably wouldn't get people to take cruises or go to concerts.
President Donald Trump has suggested a payroll tax cut to help with the economic slowdown caused by the spread of COVID-19.
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Payroll taxes, not income taxes, mean more to many households

by Adriene Hill
Nov 2, 2017
Much of the discussion around tax reform these last few weeks has focused on income tax and details like tax brackets and tax rates. Meanwhile, 40 percent of taxpayers don’t pay any income tax, while almost all of them see a payroll tax come out of their paychecks. It’s usually listed as FICA and helps […]
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