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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 ...
Dwight D. Eisenhower. On Sept. 1, 1954, President Eisenhower dramatically expanded Social Security to include 10 million more Americans in the Old-Age and Survivors Insurance Program.
Beginning in 1984, up to 50% of Social Security benefits could be exposed to the federal tax rate if provisional income (adjusted gross income + tax-free interest + one-half benefits) surpassed ...
The taxable portion of Social Security benefits were also increased. Clinton signed Small Business Job Protection Act of 1996 which reduced taxes for many small business. Furthermore, he signed legislation that increased the tax deduction for self-employed business owners from 30% to 80% by 1997.
However, the 1981 marginal cuts were partially offset by bracket creep and increased Social Security rates the following year. [15] Unemployment hit a low of 5.3% in 1988 after peaking at over 10% in 1982. [6] [16] [17] Real GDP growth recovered throughout Reagan's term, averaging +3.5% per year, with a high of +7.3% in 1984. [18]
But the president has nearly a half-century of history dating to at least 1975 of voting or advocating for many of the same attacks on Social Security that he now warns could come from a ...
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 ...
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. Social Security and the Post Office are considered "Off-Budget".