Expenditures for social and cultural measures enable the State to develop the system of education, to finance culture, to satisfy the needs of population in medical care, to implement social security measures, to increase the level of social welfare.
The age level entitlement for Social Security needs to be raised a couple of years.
Anyway, any extension of the Social Security tax to a higher income level is likely to be accompanied by an attempt to squelch the S corp strategy.
Top income tax rates are 36% or so, social security taxes stop at quite a low level and great, we can just put the income tax rate up to 56%!
Social Security and pension plans used to provide a base level of retirement income that you could count on.
And finally, government has also provided a social safety net to guarantee a basic level of security for all our citizens.
As for the second largest group of non-income taxpayers, the senior citizens, an effort to increase the income tax responsibilities for this class would necessarily require that we place an increased level of income tax on their social security benefits.
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They tell me, you need to fund our Defense Department at such- and-such a level, you need to send out Social Security checks .
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"When you reach a certain level of income, then some of your Social Security becomes taxable, " says Mr. Eisenberg.
But they show that it is impossible to fund the transition to a partly privatised system, and preserve benefits at the present level, without a fresh infusion of cash into Social Security.
Social Security makes assumptions based on your continuing to work at your current wage level.
Because same-sex marriages aren't recognized on the federal level, gay and lesbian couples are not eligible for Social Security spousal benefits.
At the national level, maintaining a class of retirees (whether via Social Security or private pensions) means redistributing existing output, not putting money under your mattress.
And listen to this: By saving the money we need to save Social Security and Medicare, then within 15 years we will achieve the lowest level of publicly held debt since 1917.
Growth at that level would cut the debt, significantly reduce unemployment, shore up Social Security and Medicare, and provide the prosperity that Americans need and deserve.
Everything other than defense spending and entitlements like Social Security and Medicare -- we're going to reduce those to the lowest level relative to GDP of any time since the 1960s.
For his numbers to add up, not only would discretionary spending need to be slashed from its current level of 7.6% of GDP, but spending on entitlements, such as Social Security and Medicare, would need to be cut too.
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