Andrew Biggs: Actual U.S. tax rate is less than statutory rate for Social Security

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06.04.2026

Andrew Biggs: Actual U.S. tax rate is less than statutory rate for Social Security — Net U.S. tax rate under statutory

Andrew Biggs comments that the effective tax rate in the U.S., after accounting for Social Security benefits, is less than the official statutory rate.

He notes that this means much of what is paid as tax theoretically functions as a non-distorting contribution if considered as everyone paying into Social Security together.

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Biggs has previously highlighted that most retirees who feel financially secure possess between $100,000 and $249,000 in savings, well below commonly cited targets. He has also cited OECD data showing that U.S. high earners receive a 21 percent Social Security replacement rate, compared to lower figures internationally. These findings inform ongoing discussions around tax and benefits policy.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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