The US Treasury’s Farebox Doesn’t Lie—Weak Economy Is Causing Payroll Tax Collections Falling Below Wage Inflation

Changes in social security taxes were minimal under the new tax law. So this is a valid year to year comparison. Social security tax collected in June rose 2.2% vs. June 2017. The gain comes on the heels of a similar gain in May, and just a 1.7% gain in April. That means that Social Security tax collections have been consistently less than the rate of wage inflation, which ran 2.7% in each of the past 3 months.