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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 ...
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 ...
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.
Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090. Self-employed persons would pay 16.00% on earnings (up from today's 12.4%) under this proposal. Raise the retirement age(s). Raising the normal retirement age by two months per year until it reaches 69 in 2034 ...
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 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 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 ...
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