Social insurance revenues come from .

A. Primarily; Social Security payroll taxes.

b. Primarily, Medicare taxes.

c. Primarily; Social Security payroll taxes and Medicare taxes.

d. Do not; Social Security payroll taxes.

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Mahe AlamLv10

14 Mar 2021

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A number of empirical studies suggest that labor demand is elastic while labor supply is very inelastic. Assume too that payroll taxes (SS plus Medicare) are 15.3 percent and legislated to be paid half by the employees and half by the employer.

a) What would happen to worker wages if payroll taxes were eliminated?

b) What would happen to employment costs paid by firms if payroll taxes were eliminated?

c) What would happen to producer and worker surplus if payroll taxes were eliminated? Which measure is relatively more sensitive to payroll taxes? Why?

d) Why might workers not want payroll taxes eliminated?

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The social security system has been, according to some, in danger of collapse and insolvency for some time now. Since 1950 the number of workers supporting one retiree has fallen from 16.5 to 3 while the tax assessed against wages has increased from 1% of income up to $3,000.00 to 6.5% of the first $106,800.00 plus 1.45 % of all earnings for Medicare. The taxes are assessed against both the employee and the employer. It is expected the number of workers supporting one retiree will continue to fall and that taxes will probably have to be raised as well as the age at which a retiree can receive benefits. Discuss the following proposals advanced to âsolveâ the looming economic crisis concerning social security:

(A.) Privatization of social security

(B.) Means testing

(C.) Elimination of cost of living adjustments