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For example, if you make $80,000 per year, you pay Social Security taxes on all of your income, so whether the limit is $130,000, $300,000 or removed entirely, it doesn't affect your payroll taxes ...
However, its expenditures exceed its income, and the Social Security Board of Trustees estimates that by 2035, it will be unable to pay full benefits to retirees.
As the headlines say, Social Security's trust funds are expected to run out of money in 2035, based on the intermediate assumptions. If the high-cost assumptions prove accurate, the projected out ...
Payroll tax rates were cut during 2011 and 2012 as a stimulus measure; these cuts expired at the end of 2012. The Social Security Trustees estimated the amounts at $222 billion total; $108 billion in 2011 and $114 billion in 2012. Transfers of other government funds made the program "whole" as if these tax cuts had not occurred. [21]
The "Social Security Trust Fund" comprises two separate funds that hold federal government debt obligations related to what are traditionally thought of as Social Security benefits. The larger of these funds is the Old-Age and Survivors Insurance (OASI) Trust Fund, which holds in trust special interest-bearing federal government securities ...
The Social Security Fairness Act is a proposed United States law that would repeal the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024, and also passed the Senate in December.
Social Security’s new 2035 depletion date applies to its combined trust funds. The trust funds help pay for benefits when more money is needed beyond what is coming in through payroll taxes ...
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 ...
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