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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.
The first Social Security office opened in Austin, Texas, on October 14, 1936. [11] Social Security taxes were first collected in January 1937, along with the first one-time, lump-sum payments. [9] The first person to receive monthly retirement benefits was Ida May Fuller of Brattleboro, Vermont. Her first check, dated January 31, 1940, was in ...
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. [118] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.
Although Social Security benefits are adjusted for inflation every year through COLAs, income tax thresholds for recipients have not changed since benefits were first taxed in 1984.
John F. Kennedy. In 1961, JFK amended Social Security to allow workers to opt for early retirement at age 62 — but only men. The amendments also increased the minimum monthly benefit and the ...
Beginning in 1984, up to 50% of Social Security benefits became taxable at the federal level if provisional income (adjusted gross income + tax-free interest + one-half benefits) topped $25,000 ...
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 ...
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 ...