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Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion. Social Security and the Post Office are considered "Off-Budget".
Social Security was controversial when originally proposed, with one point of opposition being that it would reduce the labor force, but supporters argued instead that retiring older workers would free up employment for young men, which during the Depression was a vital point of concern.
There is a Social Security government pension offset [62] that will reduce or eliminate any spousal (or ex-spouse) or widow(er)'s benefits if the spouse or widow(er) is also receiving a government (federal, state, or local) pension from work that did not require paying Social Security taxes. The basic rule is that Social Security benefits will ...
Taxing Social Security benefits if one-half of the Social Security received plus other taxable income exceeds $25,000 for single and $32,000 for joint tax filers. Those thresholds still apply today.
[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 deficit. [3] [4] Moderates from both the Republican and the Democratic party were in favor of the compromise.
Social Security Act of 1935; Other short titles: Social Security Act: Long title: An Act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment laws; to ...
While the establishment of Social Security predated the invention of the modern digital computer, punched card data processing was a mature technology, and the Social Security system made extensive use of automated unit record equipment from the program's inception. This allowed the Social Security Administration to achieve a high level of ...
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