The crunch to come Social security taxes were raised to

Last updated: 11/7/2023

The crunch to come Social security taxes were raised to build a surplus Mey paid into the system has been greatly exceeding benefits since 1983 Scale in billions of dollars 1 1 1960 65 70 20 billion O 50 billion O 100 billion Collected 1 75 out of money by the year 2036 Scale in billions of dollars I 80 But the baby boomers will break the bank By one government projection the Social Security system will be paying out more than it is taking in by 2015 and the trust fund will run 1 85 Paid out 90 300 250 1 I I 1 1 1995 00 05 10 15 20 25 30 35 200 150 100 50 0 5 000 4 000 3 000 2 000 1 000 0 These taxes have increased at a faster rate than the federal income tax Federal taxes treated as if they were equal in 1982 1982 100 Social Security and Medicare Income tax Because there will be fewer workers to tax 200 150 100 1 1 80 81 82 83 84 85 86 87 88 89 90 91 92 est 50 How many workers pay into Social Security for each person getting benefits 3 7 3 2 3 4 3 2 2 9 2 4 2 0 2 0 1970 1980 1990 2000 2010 2020 2030 2040 at is the difference between the amount of money collected from Social Security taxes and the amount paid out in 1992 10 billion