When Social Security first began, the payroll tax was only 2 percent--evenly split between employers and employees--on the first $3,000 in wages. Today the payroll tax is 12.4% on the first $106,800 in wages. Yet despite the tax increases, Social Security is in trouble. Clearly tax hikes have not been a panacea. This hearing will provide an opportunity to learn more about Social Security revenues, options for change and their impacts.
Sam Johnson discusses the history and current issues of Social Security payroll taxes.
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I’ve been for maximum transparency, but again, there’s a reason you have rules and processes here to ensure that this is not done haphazardly, and I was not satisfied.
I’m going to vote to move this forward. I think it could be close to a unanimous vote, because everybody here, all the Republicans, want to go on record to show your maximum transparency.
Am I going to guarantee a vote on ACA unreformed COVID-era subsidies that is just a boondoggle to insurance companies and robs the taxpayer? We got a lot of work to do on that.
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