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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]
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 ...
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]
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[48] Specifically, in 2042 and for many decades thereafter, the Social Security system can continue to pay benefits, but benefit payments will be constrained by the revenue base from the 12.4% FICA (Social Security payroll) tax on wages. According to the Social Security trustees, continuing payroll tax revenues at the rate of 12.4% will enable ...
As people grow older, their incomes decline and their healthcare expenses grow. Before Social Security, indigence was a part of old age for millions of elderly Americans, who depended on their...
News flash: Congress didn't steal a red cent from Social Security. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach ...