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Without benefit cuts, the SSA would need to increase taxes by 25%. Increasing the payroll tax to 7.75% (up from its current 6.2%) for workers and employers would eliminate the shortfall, according ...
A new bill making its way though Congress is pushing for an end to federal taxes being taken out of Social Security benefits, starting in 2023. Proposed by Rep. Angie Craig (D.-Minn.), the You ...
A few days later, Ricketts told a group of seniors, state senators and other stakeholders that his bill would cut the federal tax on Social Security benefits by 20% over two years. “This would ...
In 1961, retirement at age 62 was extended to men, and the tax rate was increased to 6.0%. In 1962, the changing role of the female worker was acknowledged when benefits of covered women could be collected by dependent husbands, widowers, and children. These individuals, however, had to be able to prove their dependency.
President Barack Obama opposed privatization (i.e., diverting payroll taxes or equivalent savings to private accounts) or raising the retirement age, but supported raising the annual maximum amount of compensation that is subject to the Social Security payroll tax ($137,700 in 20) to help fund the program.
A new brief from the Center for Retirement Research at Boston College makes the case for scrapping tax benefits on retirement plans like 401(k)s and IRAs, potentially adding billions of dollars in ...
Signed into law by President Bill Clinton on August 10, 1993. The Omnibus Budget Reconciliation Act of 1993 (or OBRA-93) was a federal law that was enacted by the 103rd United States Congress and signed into law by President Bill Clinton on August 10, 1993. It has also been unofficially referred to as the Deficit Reduction Act of 1993.
The Internal Revenue Service announced record-high maximum annual contributions to 401 (k) and similar retirement accounts for 2023. Workers who have a 401 (k), 403 (b), most 457 plans, and the ...
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