The 4 Worst States for Social Security Taxation Aren't That Bad Anymore
Despite being the most successful and important social program in the U.S., Social Security can come with its fair share of surprises for eligible beneficiaries -- and they aren't always positive. For instance, the newest annual report from the Social Security Board of Trustees projects that the program will begin paying out more than it collects in revenue by 2020, which would be the first time that's happened since 1982.
With each passing year, Social Security's net-cash outflow is forecast to grow, ultimately culminating in the complete exhaustion of its nearly $2.9 trillion in asset reserves by 2035. If no additional revenue is raised or expenditure cuts are made, retired workers could be facing an across-the-board benefit cut of up to 23%.
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