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How Can Taxes Save Social Security Disability Insurance?
Posted in: Social Security Disability on September 26th, 2011

social security taxesSocial Security Disability Insurance is in trouble; many experts have predicted that the system could become entirely insolvent within the next five years.  Obviously, this would leave millions of Americans who rely on these payments in the lurch.  In order to avoid a potential catastrophe, there have been a number of different solutions proposed in order to save the future of Social Security Disability Insurance and protect the livelihoods and health of disabled Americans.  The system is too big to let fail – so the only question is, how do we save it?

More Tax Increases?

There have been innumerable proposals to this end, in regards to how to bring Social Security Disability Insurance back from the brink.  Many people have suggested privatization, but it is also worth checking out the other way that Social Security Disability Insurance could possibly get more revenues – by raising taxes.  This is never a popular option, of course, but it is one that could theoretically solve the problem, and thus is worth looking at.

Once the numbers are considered, however, the situation doesn’t look extremely promising.  Right now, Social Security Disability Insurance takes up 1.8% of payroll taxes on the average worker.  It has been estimated that in order to save the program at the rate that Social Security Disability Insurance is growing, there would have to be a 50% hike in payroll taxes.

Unfortunately, this does not look as though it could be a viable option.  Solely raising taxes in order to save Social Security Disability Insurance puts an unfair burden on the shoulders of the taxpayers and would ultimately cause more problems than it solves.  The most likely solution is a combination of factors. Perhaps a tax hike could help save the program, but reasonability is also in order!

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