Social Security Right to Know Act of 2005

H.R. 1286, the Social Security Right to Know Act of 2005, would require the Social Security Administration to include more detailed financial information in the annual statements sent to workers. Specifically, the bill mandates that these statements clearly show the current Social Security tax rates for both employees and employers, as well as the combined total tax rate paid on an individual's wages. The goal of the legislation is to provide citizens with a more transparent view of the total amount of payroll taxes being contributed to the Social Security system on their behalf.