Sentences with phrase «social security tax revenues»

In 1996, OASDI benefit payments exceeded Social Security tax revenues by $ 30 billion, or 1 percent of taxable earnings (see box 1).

At that point, we'd be relying only on Social Security tax revenues, which would cover 75 - 80 % of benefits owed.

Not exact matches

The business address, its tax ID and revenue, and the details of the user of the card, such as his or her social security number.

Either you raise adequate tax revenue, or you denominate the debt in long - term bonds and devalue them through inflation, or you default, or you violate the social contract made with those who don't hold paper claims (e.g. Social Security beneficiaries) in preference for those wsocial contract made with those who don't hold paper claims (e.g. Social Security beneficiaries) in preference for those wSocial Security beneficiaries) in preference for those who do.

If the Social Security Trust Fund runs dry sometime during the next 30 years as projected, revenues from tax collections would be sufficient to pay only about three - fourths of scheduled benefits.

Fixing our debt will now require reversing the harm that has already been done with tax cuts and spending increases, in addition to confronting the rising costs of Social Security and Medicare with spending changes and / or additional revenue.

The chained CPI is roughly distributionally neutral across income groups for revenues and Social Security benefits, meaning that households at various income levels see after - tax income or Social Security benefits affected by similar percentages (Tax Policy Center, 2013; Social Security Administration, 201tax income or Social Security benefits affected by similar percentages (Tax Policy Center, 2013; Social Security Administration, 201Tax Policy Center, 2013; Social Security Administration, 2012).

Broadly expanding Social Security benefits would give seniors first claim on additional tax revenues and therefore worsen this disparity.

Represents programmatic spending; dedicated revenues (such as Social Security payroll taxes) and offsetting receipts (such as Medicare premiums), which are a means of financing, are not subtracted.

Social Security and payroll tax revenues were down slightly from the same six - month period last year, and corporate income taxes were...

Tax deposits are collected by the Internal Revenue Service (IRS) and are formally entrusted to the Federal Old - Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, the two Social Security Trust Funds.

If an individual pays $ 3,700 per year into the Social Security trust fund but simultaneously draws a net $ 25,000 per year (benefits minus taxes) out of general government revenue, the solvency of government has not improved.

Just look at what happened to the OBR's projections for the public finances over the 12 months between the chancellor's spending review in autumn 2010 and the autumn statement in November 2011: — # 17.8 billion wiped off VAT revenues — # 51.2 billion off income tax revenues — # 30.9 billion off corporation tax revenues — an additional # 34.7 billion in unplanned spending on tax credits and social security benefits.

Clinton said that new revenue is needed to shore up Social Security and openly mused about lifting the cap on income subjected to Social Security taxes — a position championed by Sanders.

Rep. Whit Betts, R - 78th District and the delegation's senior member, said he'd call for eliminating the state income tax on Social Security, and contended that doing away with public campaign financing would offset most or all of the lost revenue.

Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

Combined income, sometimes referred to as provisional income, is an Internal Revenue Service tax term that includes your adjusted gross income from your tax return plus nontaxable interest and one - half of your Social Security benefits.

The Internal Revenue Service, or IRS, provides several federal tax benefits to Social Security disability recipients.

A federal supplemental income program funded by general tax revenues (not Social Security taxes).

No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules.

While all tax revenue goes to the Treasury general account, the money received from the taxation of Social Security benefits is included as income in the annual reports done by the Social Security trustees.

The tax revenue received is small relative to the total costs of Social Security.

The Internal Revenue Service (IRS) says someone used your Social Security number to get a tax refund or a job.

For more information on the taxation of Social Security retirement benefits, visit the Social Security Administration's «Income Taxes and Your Social Security Benefits» page, or call the Internal Revenue Service's toll - free telephone number, 1-800-829-3676, and ask for Publication 554, Tax Guide for Seniors, and Publication 915, Social Security Benefits and Equivalent Railroad Retirement Benefits.

The Social Security Board of Trustees» 2016 report suggests that, by 2020, we'll begin to see more benefits paid than revenue brought in via payroll taxes, interest earned on excess cash, and the taxation of benefits, combined.

The revenue generated by these taxes is used to cover the Social Security benefits owed to Americans each year.

And if, for example, the thief has used your Social Security number to procure a job or tax refund, you'll have to file an Identity Theft Affidavit form with the Internal Revenue Service as well.

The diversion of payroll taxes would starve the Social Security system of revenue, forcing the program to run huge deficits.

For example, if workers are given a rebate of their Social Security taxes in order to fund their new individual retirement accounts, the Social Security system will be deprived of revenues that are needed to pay current pension obligations.

Payroll tax revenues are used to pay benefits to people who are currently collecting Social Security pensions.

After crediting the trust fund with the proper amount in IOUs, the government spends the extra Social Security tax collections just like any other tax revenue — to finance anything from aircraft carriers to education research.

Yesterday's report also said the Social Security trust fund will begin to spend more money than it takes in through tax revenue in 2016, one year sooner than predicted a year ago.

Revenues generated by this tax are deposited to the Social Security Trust Fund.

But rather than lowering an existing tax, it relies on a so - called tax - and - dividend model: As the state of Alaska does with oil revenues, revenues from the Council's national carbon tax would be returned equally to all American households in quarterly «dividends» digitally deposited in Social Security accounts.

All projected revenues of this carbon tax shall be offset with an equivalent reduction in payroll (social security) taxes.

The 40 percent of revenue derived from businesses was recycled through three mechanisms: a reduction in employer contributions to social security, a reduction in corporate income taxes, and an increased tax exemption for self - employed people.

Your employer withholds Social Security and Medicare taxes from your paycheck, and sends those taxes to the Internal Revenue Service along with a matching amount that's equal to what was withheld from your paycheck.

The Internal Revenue Service supplies your tax filing status, your adjusted gross income, and your tax - exempt interest income to the Social Security Administration to determine your income for the purpose of seeing what your premiums will be.

The US Internal Revenue Service issued a notice in late March that classified bitcoin as property for purposes of taxation, clarified that mined bitcoins are taxable at the time they are received, and specified that bitcoins received in connection with a trade or business or as wages are subject to withholding and / or payment of Medicare or social security taxes.

A: The revenues generated from this tax will be allocated to the Medicare Trust Fund that is part of the Social Security System.