Retired in America

Your Guide to a Confident Retirement

  • Home
  • Personal finance
  • Retirement Life
  • Saving & Spending

Will Taxing the Rich Save Social Security? Experts Weigh in

December 14, 2020 · Retirement Life

How much money comes from the payroll tax?

A lot. With payroll taxes being the second-largest source of revenue for the federal government, you can imagine the amounts brought in are anything but negligible. In 2019, the payroll taxes brought in $1.243 trillion and $1.3 trillion have been estimated to be collected by the end of 2020, according to the Congressional Budget Office.

However, two questions still remain. How much money is left untaxed and how much money could the payroll tax really brings in if wealthy people and their higher earnings would become subject to tax?

How much money is left untaxed?

According to the Congressional Research Service, around 92 percent of income was taxed for Social Security in 1937. As of 2000, the taxable income limit dropped to 83 percent and has followed important economic cycles.

Keep in mind that these numbers don’t include unearned income. For many wealthy people, unearned income (from investments. real estate etc.) is an important source of income. Considering all these untouched amounts, how much are the wealthy costing Social Security?

Pages: 1 2 3 4 5 6

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Search

Latest Posts

  • Older woman in a green coat holding a package and looking at her smartphone beside snow-covered mailboxes outdoors. 12 Scams Targeting Retirees During the Holidays
  • A senior man in glasses opens mail marked "Important Tax Return Document Enclosed" inside a home entryway. 9 Tax Forms Retirees Should Expect in the Mail
  • A man reading a document in a woodworking shop next to a workbench and a wall calendar. 7 Signs Your Tax Bracket Will Change Next Year
  • A mature man in a fleece vest holds a gutter guard and work gloves while standing outside a suburban home in autumn. 7 Insurance Policies Worth Reviewing Every Fall
  • A senior woman reviews tax strategy papers and a checklist at a sunlit greenhouse table filled with plants. 10 Tax Credits Retirees Often Forget to Claim
  • A woman sits at a wooden library desk next to a digital tablet displaying an excellent credit report summary. 9 Reasons Retirees Are Checking Their Credit Reports This Month
  • Senior woman working on a laptop resting on a lap desk while seated comfortably in an armchair with an ottoman. 11 Side Gigs Perfect for Retirees With Mobility Limitations
  • A woman sits at a wooden table reviewing financial documents and account statements beside a window and bookshelf. 9 Things to Do With Inherited Retirement Accounts
  • Senior couple in a sunlit living room with large windows, one looking outside and one browsing a wooden bookshelf. 8 Reasons Retirees Are Choosing Co-Ops Over Condos
  • A smiling senior vendor weighing produce on a hanging scale for a customer at a sunny outdoor farmers market. 7 Part-Time Jobs at Farmers Markets and Local Fairs for Seniors

Newsletter

Get retirement planning tips, savings strategies, and lifestyle insights delivered to your inbox.

Related Articles

10 Unexpected Threats to Your Retirement in 2022

Long-term care expenses – If you haven’t planned for a sudden medical situation that might have…

Read More →

Top 13 Retirement Destinations of 2020

2. New Hampshire It’s perfect for those who want to escape income tax altogether while…

Read More →
An older couple stands inside a modern living room looking out a large sliding glass door toward a sunny desert neighborhood.

10 Biggest Reasons So Many Retirees Say They Regret Moving to Arizona

Learn why so many retirees regret moving to Arizona, including brutal summer heat waves, physician…

Read More →
A retired couple in hiking gear stands on a rocky mountain overlook, gazing at a vast valley with a winding river and snow-capped peaks.

12 Best States in America for Retirees Who Love the Outdoors

Discover the 12 best states in America for active retirees who love the outdoors, balancing…

Read More →
A senior couple planning a trip with a map and tablet in a sunlit, cozy living room, representing a modern approach to retirement.

8 Retirement Trends Nobody Saw Coming In 2026

Discover the surprising 2026 retirement trends reshaping senior lifestyles, from climate-driven relocation to direct primary…

Read More →
A stressed older couple sits on the floor of an empty living room surrounded by unpacked cardboard moving boxes.

5 States Retirees Regret Moving to, Based on Cost and Lifestyle

Discover the 5 states retirees regret moving to most due to high property taxes, soaring…

Read More →
A happy retiree working on a laptop on a sunny patio, symbolizing flexible part-time work.

20 Great Part-Time Jobs For Retirees

Explore 20 great part-time jobs for retirees, from remote consulting to outdoor work, and learn…

Read More →

Top 20 Affordable Cities for Retirees in 2020

19. Arlington, Texas Seniors who are unsure whether to buy their own property in Arlington…

Read More →

7 Best Things You Could Do With Your Found Money

A smiling woman writes in a ledger while using extra funds to pay off credit…

Read More →
Retired in America

Your Guide to a Confident Retirement

Inedit Agency S.R.L.
Bucharest, Romania

contact@retiredinamerica.com

Trust & Legal

About Us

Editorial Policy

Advertiser Disclosure

Frequently Asked Questions

Contact Us

Disclaimer

Terms and Conditions

Privacy Policy

Subscribe

Unsubscribe

Categories

  • Personal finance
  • Retirement Life
  • Saving & Spending

© 2026 Retired in America. All rights reserved.