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On July 19, 2011, the Republican-led House passed a bill, the Cut, Cap and Balance Act, by a margin of 234–190 which would require $111 billion in cuts in 2012 spending levels, exempting defense, Medicare, and Social Security from these cuts, and would limit subsequent federal spending to about 20% of the gross national product as compared to ...
The National Commission on Fiscal Responsibility and Reform (often called Simpson–Bowles or Bowles–Simpson from the names of co-chairs Alan Simpson and Erskine Bowles; or NCFRR) was a bipartisan Presidential Commission on deficit reduction, [1] created in 2010 by President Barack Obama to identify "policies to improve the fiscal situation in the medium term and to achieve fiscal ...
Even though supporters of the Social Security Fairness Act argue it will only drain the Social Security fund six months earlier than otherwise expected, some critics believe there are better ...
This act also authorized a one-year reduction in the Social Security employee-payroll tax. The reduction was extended for the 2013 year by the Middle Class Tax Relief and Job Creation Act of 2012, which also extended federal unemployment benefits and the freeze on Medicare physician payments. [18]
The Congressional Research Service estimates that in December 2023, there were 745,679 people, about 1% of all Social Security beneficiaries, who had their benefits reduced by the Government ...
The Social Security payroll tax rate is currently 6.2%, such that employees and employers collectively pay 12.4% of wages. Gradually raising the tax rate to 6.5% over six years would reduce the ...
When calculating based on the year of eligibility, the year in which the beneficiary was eligible for both a Title II Social Security Benefit and the non-covered pension. The following chart shows the percentages applied before the first bend-point based on the first year the beneficiary was eligible for both: [ 3 ]
A separate analysis from the Center on Budget and Policy Priorities found that the poverty rate for adults aged 65 and above would be nearly four times higher if Social Security didn't exist -- 10 ...
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