The tax rate is the percentage of income that is paid in taxes. President George W. Bush cut the tax rate for high-income Americans.
- Live Long and Prosper: Planning for a Social Security ShortfallThe recent release of the annual Trustees Report for Social Security has people fretting over the future of federal retirement benefits. By 2033, the Social Security program will not collect enough in payroll taxes to fully cover the estimated benefits it will pay out in a given year. Basically, that means less money in your pocket. The good news is that knowledge is power – the more you know, the better prepared you can be financially.