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One of the key Biden proposals regarding Social Security is to apply Social Security taxes to those making $400,000 or more. Under this scenario, workers would pay Social Security taxes up to the ...
The Social Security Administration (SSA) recently updated its Equity Action Plan. The SSA said increasing access to programs and improving services is the main goal. One of the new focus areas is...
Every year since the mid-1970s, the law has required the Social Security Administration (SSA) to conduct an annual cost-of-living adjustment (COLA) that increases payments, if necessary, to ensure ...
In 2021, President Biden oversaw the biggest Social Security cost-of-living adjustment (COLA) in 40 years, a 5.9% increase that took effect in 2022. This year’s COLA jumped to 8.7%, which is the ...
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion. [4]
The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 117th United States Congress and signed into law by President Joe Biden on March 11, 2021, to speed up the country's recovery from the economic and health effects of the COVID-19 pandemic and recession. [1]
Social Security gradually moved toward universal coverage. By 1950, debates moved away from which occupational groups should be included to how to provide more adequate coverage. [37] Changes in Social Security have reflected a balance between promoting equality and efforts to provide adequate protection. [38] In 1940, benefits paid totaled $35 ...
President Biden knows that changes are needed to help ensure that Social Security will continue to be able to pay benefits in full. In addition to the items above, Biden is looking to change the ...