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The Tax Reform Act of 1969 (Pub. L. 91–172) was a United States federal tax law signed by President Richard Nixon on December 30, 1969. Its largest impact was creating the Alternative Minimum Tax , which was intended to tax high-income earners who had previously avoided incurring tax liability due to various exemptions and deductions.
1980 - Reallocation of Social Security Taxes Between OASI and DI Trust Funds, Pub. L. 96–403 1980 - Retirement Test Amendments, Pub. L. 96–473 1981 - Omnibus Budget Reconciliation Act of 1981 , Pub. L. 97–35
The American social security system (1949) comprehensive old overview. Burns, Eveline M. Toward Social Security: An Explanation of the Social Security Act and a Survey of the Larger Issues (1936) online; Davies, Gareth, and Martha Derthick. "Race and social welfare policy: The Social Security Act of 1935." Political Science Quarterly 112.2 ...
The federal government taxes up to 85% of Social Security payments for seniors who earn more than a specific threshold, but never taxes the full benefit. -- Individuals with a combined income ...
If you and your spouse’s total combined income after the above calculation is between $32,000 and $44,000, you may owe taxes on up to 50% of your Social Security income.
Joint filers making between $32,000 and $44,000, can expect to pay income tax on up to 50% of benefits. Married couples making more than $44,000 can expect to pay taxes on up to 85% of benefits.
Because Social Security tax receipts and interest exceed payments, the program also reduces the size of the annual federal budget deficit commonly reported in the media. For example, CBO reported that for fiscal year 2012, the "On-budget Deficit" was $1,151.3 billion.
Robert Reich, former United States Secretary of Labor, suggests lifting the ceiling on income subject to Social Security taxes, which is $168,600 as of 2024. [118] Increase Social Security taxes. If workers and employers each paid 8.0% (up from today's 6.2%), it would provide solvency through 2090.