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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If, heaven forbid, we lost the majority, I would expect my colleagues would call upon me to continue to lead the conference in divided government.
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