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Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income.
Robert Reich, former United States Secretary of Labor, suggests lifting the ceiling on income subject to Social Security taxes, which is $168,600 as of 2024. [117] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.
The first Social Security office opened in Austin, Texas, on October 14, 1936. [10] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [8] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...
Harry Truman, who would go on to become the first Medicare recipient under President Lyndon B. Johnson, expanded the program with the Social Security Act Amendments of 1950.
Any plans to eliminate taxes on Social Security benefits would primarily help those beneficiaries who earn between $63,000 and $200,000, according to the Tax Policy Center.
The big problem with Social Security's tax rules is that they are not indexed to inflation. They have not been increased since taxes were first imposed on benefits decades ago -- even as most ...
In the 1930s, the New Deal introduced Social Security to rectify the first three problems (retirement, injury-induced disability, or congenital disability). It introduced the FICA tax as the means to pay for Social Security. In the 1960s, Medicare was introduced to rectify the fourth problem (health care for the elderly). The FICA tax was ...
First, you can make quarterly payments to the IRS rather than paying it all in one lump sum during tax season. You can also have federal tax automatically withheld from your Social Security ...