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2.1 Total federal spending in millions of dollars, ... Social security is the dominant expenditure of per dollar federal expenditures. ... North Carolina: $3,636 ...
Due to interest, the Trust Fund will continue increasing through the end of 2020, reaching a peak of approximately $2.9 trillion. Social Security has the legal authority to draw amounts from other government revenue sources besides the payroll tax, to fully fund the program, while the Trust Fund exists; however, payouts greater than payroll tax ...
However, 2020 saw a significant increase as the feds started shoveling out pandemic-relief money to the states, peaking at $1.4 trillion in 2021, then declining slightly to $1.3 trillion in 2022.
Some federal, state, local and education government employees pay no Social Security tax but have their own retirement and disability systems that nearly always pay better retirement and disability benefits than the SSA. These plans typically require vesting (working 5–10 years for the same employer before becoming eligible for retirement ...
“Seniors should not pay tax on Social Security,” President-elect ... Trump’s proposed tax cut would reduce tax revenue by about $1.4 trillion from 2025 to 2034, measured on a conventional ...
State taxes on Social Security benefits are different based on which state you live in.
For example, in Colorado, residents ages 65 and older have been able to fully deduct federally taxed Social Security benefits on their state income tax returns since tax year 2022. For 2025, that ...
The Pew Center on the States reported in February 2010 that states have underfunded their pensions by nearly $1 trillion as of 2008, representing the gap between the $2.35 trillion states had set aside to pay for employees' retirement benefits and the $3.35 trillion price tag of those promises.