Ad
related to: is social security a trust
Search results
Results from the WOW.Com Content Network
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 ...
Yet today Social Security is treated like all the other trust funds of the Unified Budget. [ citation needed ] As a result of these changes, particularly the tax increases, the Social Security system began to generate a large short-term surplus of funds, intended to cover the added retirement costs of the " baby boomers ".
Social Security payroll taxes are collected by the federal Internal Revenue Service (IRS) and are formally entrusted to the Federal Old-Age and Survivors Insurance (OASI) Trust Fund and the federal Disability Insurance (DI) Trust Fund, the two Social Security Trust Funds. [8] [9] Social Security revenues exceeded expenditures between 1983 and ...
In 2022, the Social Security trust funds collected $1.22 trillion in revenue. Of that, about 90 percent came from payroll taxes and 4 percent came from taxes collected on Social Security benefits .
The aforementioned Congressional Research Service report found that in 2023, the Social Security trust funds were credited with $50.7 billion from the taxation of Social Security benefits, or 3.8% ...
Another option would be for Congress to raise the Social Security payroll tax rate from its current 12.4% to 15.6% following the trust fund depletion, and then gradually increase it to 16.7% by 2095.
Last year, the Social Security Trustees projected that the program’s combined trust funds would be out of money by 2035. Once that happens, Social Security may have no choice but to slash benefits.
The good news is that Social Security can tap its trust funds to keep up with its benefit obligations for a period of time. But once those trust funds run out of money, the program may have to ...
Ad
related to: is social security a trust