Post: Give me 20 + Facts about the social security act of 1935.
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04-28-2011, 12:17 AM
#1
Chicharito
#14
What the title says im going to give 200k vbux to someone who gives me the best20+ good facts about the social security act of 1935. No short sentences please. I need it for a project.
04-28-2011, 12:47 AM
#2
ThereThatGuy
Porkey The Pig Is My Nigg
In 1935, Congress passed and Democratic President Franklin D. Roosevelt signed into law the "Social Security Act." This law created "a system of Federal old-age benefits" for workers and their families. In 1956, the law was amended to also provide disability benefits.[3] [4]
* Social Security is composed of two separate entities: The "Old-Age and Survivors Insurance" program and the "Disability Insurance" program. Each program has separate finances handled through two separate trust funds. For the purpose of simplicity, the figures shown below reflect the combination of both programs unless otherwise stated.[5] [6]
* The Supplemental Security Income (SSI) program provides benefits for aged, blind, and disabled people without regard to prior workforce participation. It is administered by the Social Security Administration, but it is not funded by Social Security taxes. Unless otherwise stated, this program is not covered in this list of facts.[7]
* As of June 30, 2009, 51.9 million people or 16.9% of the U.S. population were receiving monthly Social Security benefits.[8]
* Certain groups of workers were originally exempt from Social Security including government employees, railroad workers, the self-employed, farm workers, domestic help, and employees of nonprofit organizations. In 1950 and 1983, the law was changed to require most of these individuals to participate in the program, although about 25% of state and local government workers are still exempted.[9] [10] Also, under certain conditions some members of the clergy and religious groups are not required to participate.[
---------- Post added at 08:47 PM ---------- Previous post was at 08:46 PM ----------
Taxable Maximum
* The Social Security Act of 1935 set the taxable maximum at $3,000. Income earned above this amount was not subject to Social Security taxes. This threshold was a fixed amount that was not indexed for inflation or wage levels.[24]
* Between 1950 and 1971, various Congresses and Presidents passed six laws increasing the taxable maximum by a total of 200%.[25]
* In 1972 and 1973, the 92nd and 93rd Congresses and Republican President Richard Nixon passed laws
• increasing the taxable maximum for 1973 and 1974 by a total of 47%.
• indexing the taxable maximum for 1975 and annually thereafter based upon changes in average wage levels.[26]
* In 1977, the 95th Congress and Democratic President Jimmy Carter passed a law increasing the taxable maximum faster than average wage levels in 1979, 1980, and 1981 by a total of 68%.[27] [28]
* Since 1982, the taxable maximum has been annually indexed roughly based upon average worker compensation levels.[29] [30] [31] [32] [33] [34] [35]
* Between 1990 and 2009, the taxable maximum was increased by 108%.[36] During the same period, average worker compensation increased by 94%, and median worker compensation increased by 81%.[37]
* Adjusting for inflation, the taxable maximum has been increased by a factor of 3.9 times since 1950.[38]
Payroll Tax Rate
* The Social Security Act of 1935 set the initial tax rate at 2% (employee and employer combined) and specified increases that would bring this rate to 6% by 1949.[39]
* Various Congresses and Presidents postponed the tax rate increases scheduled in the original Social Security Act so that the 6% rate planned for 1949 did not take effect until 1960.[40] [41]
* Between 1950 and 1977, various Congresses and Presidents passed ten laws increasing the Social Security payroll tax rate above the 6% level specified in the original Social Security Act.[42]
* In 1983, the 98th Congress and Republican President Ronald Reagan accelerated the timeframe for previously enacted payroll tax rate hikes and increased the rate for "the self-employed to equal the combined employee/employer rate but with partially offsetting credits and deductions."[43]
* In 2010, the 111th Congress and Democratic President Barack Obama passed a law decreasing the Social Security payroll tax during 2011 by two percentage points (from 12.4% to 10.4%). This law also requires that monies equivalent to the decreased payroll taxes be transferred to the Social Security program from the general fund of the U.S. Treasury.[44] [45] The general fund of the U.S. Treasury is funded by income taxes (66%), corporate income taxes (23%), excise taxes (5%), and other miscellaneous taxes (6%) [percentages current as of 2006].[46]
Source google lol
No need for anything lol. just something i found on first page
* Social Security is composed of two separate entities: The "Old-Age and Survivors Insurance" program and the "Disability Insurance" program. Each program has separate finances handled through two separate trust funds. For the purpose of simplicity, the figures shown below reflect the combination of both programs unless otherwise stated.[5] [6]
* The Supplemental Security Income (SSI) program provides benefits for aged, blind, and disabled people without regard to prior workforce participation. It is administered by the Social Security Administration, but it is not funded by Social Security taxes. Unless otherwise stated, this program is not covered in this list of facts.[7]
* As of June 30, 2009, 51.9 million people or 16.9% of the U.S. population were receiving monthly Social Security benefits.[8]
* Certain groups of workers were originally exempt from Social Security including government employees, railroad workers, the self-employed, farm workers, domestic help, and employees of nonprofit organizations. In 1950 and 1983, the law was changed to require most of these individuals to participate in the program, although about 25% of state and local government workers are still exempted.[9] [10] Also, under certain conditions some members of the clergy and religious groups are not required to participate.[
---------- Post added at 08:47 PM ---------- Previous post was at 08:46 PM ----------
Taxable Maximum
* The Social Security Act of 1935 set the taxable maximum at $3,000. Income earned above this amount was not subject to Social Security taxes. This threshold was a fixed amount that was not indexed for inflation or wage levels.[24]
* Between 1950 and 1971, various Congresses and Presidents passed six laws increasing the taxable maximum by a total of 200%.[25]
* In 1972 and 1973, the 92nd and 93rd Congresses and Republican President Richard Nixon passed laws
• increasing the taxable maximum for 1973 and 1974 by a total of 47%.
• indexing the taxable maximum for 1975 and annually thereafter based upon changes in average wage levels.[26]
* In 1977, the 95th Congress and Democratic President Jimmy Carter passed a law increasing the taxable maximum faster than average wage levels in 1979, 1980, and 1981 by a total of 68%.[27] [28]
* Since 1982, the taxable maximum has been annually indexed roughly based upon average worker compensation levels.[29] [30] [31] [32] [33] [34] [35]
* Between 1990 and 2009, the taxable maximum was increased by 108%.[36] During the same period, average worker compensation increased by 94%, and median worker compensation increased by 81%.[37]
* Adjusting for inflation, the taxable maximum has been increased by a factor of 3.9 times since 1950.[38]
Payroll Tax Rate
* The Social Security Act of 1935 set the initial tax rate at 2% (employee and employer combined) and specified increases that would bring this rate to 6% by 1949.[39]
* Various Congresses and Presidents postponed the tax rate increases scheduled in the original Social Security Act so that the 6% rate planned for 1949 did not take effect until 1960.[40] [41]
* Between 1950 and 1977, various Congresses and Presidents passed ten laws increasing the Social Security payroll tax rate above the 6% level specified in the original Social Security Act.[42]
* In 1983, the 98th Congress and Republican President Ronald Reagan accelerated the timeframe for previously enacted payroll tax rate hikes and increased the rate for "the self-employed to equal the combined employee/employer rate but with partially offsetting credits and deductions."[43]
* In 2010, the 111th Congress and Democratic President Barack Obama passed a law decreasing the Social Security payroll tax during 2011 by two percentage points (from 12.4% to 10.4%). This law also requires that monies equivalent to the decreased payroll taxes be transferred to the Social Security program from the general fund of the U.S. Treasury.[44] [45] The general fund of the U.S. Treasury is funded by income taxes (66%), corporate income taxes (23%), excise taxes (5%), and other miscellaneous taxes (6%) [percentages current as of 2006].[46]
Source google lol
No need for anything lol. just something i found on first page
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