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One option for preventing Social Security cuts is to push back full retirement age (FRA), which is when seniors can collect their complete monthly benefit without a reduction. Right now, FRA is 67 ...
Susan Walsh/AP By Mark Felsenthal WASHINGTON -- U.S. President Barack Obama will offer cuts to Social Security and other entitlement programs in a budget proposal aimed at swaying Republicans to ...
Lawmakers were under pressure to pass a budget before automatic spending cuts known as sequestration took effect on August 4, 2011. [1] [2] President Barack Obama advocated historic cuts to social security, Medicare, and Medicaid, in exchange for an increase in federal taxes on upper income individuals, with the goal of reducing the federal ...
The Social Security debate in the United States encompasses benefits, funding, and other issues. Social Security is a social insurance program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 ...
These appropriations were greatly affected by the Budget Control Act of 2011, passed in August 2011 as a resolution to the debt-ceiling crisis; it mandated budget cuts over a ten-year period beginning with Fiscal Year 2012. In addition, legislation was passed to extend a cut in the Social Security payroll tax for the entirety of calendar year 2012.
The problem, though, is that even without benefit cuts, Social Security will only replace about 40% of the average earner's pre-retirement wages. And most people need a lot more income than that ...
Susan Walsh/AP By Jeanne Sahadi Senior administration officials have telegraphed that a series of concrete tax proposals will play a key role in Obama's 2014 budget proposal, which is due out ...
A report was released on December 1, [1] recommending a combination of spending cuts (including an increase in the Social Security retirement age and cuts to military, benefit, and domestic spending) and tax increases (including restricting or eliminating certain tax credits and deductions and increasing the federal gasoline tax). [3]