Here’s how many people rely on Social Security in 2023
is mainly funded through a dedicated payroll tax created by the Federal Insurance Contributions Act. Employers and employees each pay 6.2% of wages, with a cap on the amount of wages subject to the tax .Those who are self-employed pay both the employee and the employer share of the tax. Those revenues are credited to the OASI and DI trust funds, which keep track of the programs’ receipts and expenses.
The programs also receive income from a tax on Social Security benefits paid by higher-income beneficiaries, as well as income generated by the investment of the trust fund reserves in non-marketable U.S. Treasury securities. However, from the perspective of the government’s overall budget, the interest income paid to the trust funds by the Treasury has no effect. Although it is a receipt to the trust funds, it is an equal dollar expense to the Treasury.
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