A clause in the debt-ceiling deal is going to be bad for Social Security
If there were no tax cheats in America, there would be no Social Security crisis. Benefits could be paid, and payroll taxes kept the same, for the next 75 years.
It’s just two years since the administration got into law an extra $80 billion for the IRS to beef up enforcement. That was supposed to include hiring an estimated 87,000 IRS agents. If this seems abstract, consider the context and how it affects you and your retirement — and the retirements of everyone you know.
Over the next 75 years, says the Congressional Budget Office, the entire funding gap for the program will average about 1.7% of gross domestic product per year.According to the most recent estimates from the IRS, tax cheats steal about $470 billion a year. And that figure is four years out of date, relating to 2019. That’s the figure after enforcement measures.But it still worked out at around 12% of all the taxes people were supposed to pay . And around 2.3% of GDP.
At last — just 40 or so years out of date — some are starting to talk about investing some of the trust fund like nearly every other pension plan in the world, in high-returning stocks instead of just low-returning Treasury bonds.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Social Security COLA increase: How much can recipients expect in 2024?In 2023, Social Security beneficiaries saw a record 8.7% boost, the highest increase in four decades. That same level of increase likely won’t be seen in 2024, however.
Les mer »
Elon Musk’s social security number among data leaked by whistleblowerGerman newspaper Handelsblatt reported Friday that Elon Musk's social security number was included in a huge pile of data provided by a Tesla whistleblower.
Les mer »
Social Security update: Direct payment worth $914 arrives in three daysThere are three more days until recipients of the Supplemental Security Income program will receive their checks, worth up to $914 for individual filers.
Les mer »
Social Security update: Direct payment up to $4,555 goes out to millions in 16 daysThe first round of June's three Social Security payments, worth up to $4,555, will be sent out in 16 days, according to the Social Security Administration's schedule.
Les mer »
Seniors concerned about Social Security amid debt limit uncertaintyAmid political back-and-forth over the debt limit, Scripps News spoke with retirees who are concerned about the future of their Social Security check.
Les mer »
Social Security update: Direct payment up to $4,555 goes out to millions in 15 daysThe first round of June's three Social Security payments, worth up to $4,555, will be sent out in over two weeks, according to the Social Security Administration's schedule.
Les mer »