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The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
Social Security payroll taxes are collected by the federal Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds. [8] [9] Social Security revenues exceeded expenditures between 1983 and ...
At the end of 2009, the Trust Fund stood at $2.5 trillion. The $2.5 trillion amount owed by the federal government to the Social Security Trust Fund is also a component of the U.S. National Debt, which stood at $15.7 trillion as of May 2012. [18] By 2017, the government had borrowed nearly $2.8 trillion against the Social Security Trust Fund.
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .
The CRFB noted that when Social Security’s long-term projections are calculated, it is assumed this $2.8 trillion will be repaid, so this borrowing from the program’s trust fund isn’t the ...
Another option would be for Congress to raise the Social Security payroll tax rate from its current 12.4% to 15.6% following the trust fund depletion, and then gradually increase it to 16.7% by 2095.
This debt mainly represents obligations to Social Security recipients and retired federal government employees, including military. In the United States, intragovernmental holdings are primarily composed of the Medicare trust funds, the Social Security Trust Fund, and Federal Financing Bank securities. A small amount of marketable securities ...
Image source: Getty Images. The trust funds are still in trouble, but there's improvement. One of Social Security's most pressing problems is the depletion of its trust funds: the Old-Age and ...