The current SS payroll tax is 3.6% (vice 3.5%) each for employee and employer.
While the combined OASDI program fails the long-range test of close actuarial balance, it does satisfy the test for short-range (ten-year) financial adequacy. The Trustees project that the combined trust fund asset reserves at the beginning of each year will exceed that years projected cost through 2027.
Social Securitys Disability Insurance (DI) program satisfies neither the Trustees long-range test of close actuarial balance nor their short-range test of financial adequacy and faces the most immediate financing shortfall of any of the separate trust funds. DI Trust Fund reserves expressed as a percent of annual cost (the trust fund ratio) declined to 85 percent at the beginning of 2013, and the Trustees project trust fund depletion in 2016, the same year projected in the last Trustees Report. DI cost has exceeded non-interest income since 2005, and the trust fund ratio has declined since peaking in 2003. While legislation is needed to address all of Social Securitys financial imbalances, the need has become most urgent with respect to the programs DI component. Lawmakers need to act soon to avoid reduced payments to DI beneficiaries three years from now.
Actually it is 15.3%, half for the employer and half for the employee up to the SS cap (around $110k) and then 2.9% (again split 50/50) above that for Medicare alone.
The person you quoted was talking about raising it 3.5-4% to a total of 18.8-19.3%. Yikes! Especially because I pay both halves directly.