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Bush's April press conference detailed the proposal further, with Bush describing his preference in "a reform system should protect those who depend on Social Security the most" and describing his proposal as "a Social Security system in the future where benefits for low-income workers will grow faster than benefits for people who are better off."
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. [67] [68]
President Bush also signed into law Medicare Part D, which provides additional prescription drug benefits to seniors. The program was not funded by any changes to the tax code. According to the GAO, this program alone created $8.4 trillion in unfunded obligations in present value terms, a larger fiscal challenge than Social Security. [41]
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 ...
Some have proposed that the Social Security system be modified to provide for the option of individual accounts (in effect, to make the system, at least in part, more like a defined contribution pension plan). Specifically, on February 2, 2005, President George W. Bush made Social Security a prominent theme of his State of the Union Address. [190]
For example, if spouse A is the primary claimer and their monthly benefit at their full retirement age is $2,000, spouse B (the person claiming spousal benefits) is eligible to receive up to ...
You could be eligible for claiming spousal Social Security benefits based on your former spouse's work record even if you're divorced. The catch is that you must have been married for at least 10 ...
The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008. The requested budget was submitted to the 110th Congress on February 5, 2007. [1] The government was initially funded through a series of four temporary continuing resolutions.