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Its effects extend to all employees of state, county, municipal and special districts in 26 states. ... "Critics say there is a reason why we force people to pay into the Social Security system ...
The Congressional Research Service estimates that “the two largest groups of Social Security beneficiaries that may be (or are currently) affected by the GPO and WEP are (1) about 28% of state ...
Because taxable earnings are a fraction of GDP, sometimes the system's finances are put into context by using GDP. Social Security's cost are currently 5.2 percent of U.S. GDP. Program costs will rise to 6.3 percent of GDP by 2076, and then decline to 6.0 percent of GDP by 2097. [5]
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 ...
Since 1990, the employee's share of the Social Security portion of the FICA tax has been 6.2% of gross compensation up to a limit that adjusts with inflation. [a] [9] The taxation limit in 2020 was $137,700 of gross compensation, resulting in a maximum Social Security tax for 2020 of $8,537.40. [7]
Under the WEP, Social Security benefits are reduced if you receive a pension from work, did not pay into Social Security, and had fewer than 30 years of “substantial” employment or covered ...
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