Summary of testimony on President Reagan"s social security financing package
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Summary of testimony on President Reagan"s social security financing package

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Published by U.S. G.P.O. in Washington .
Written in English



  • United States


  • Social security -- United States -- Finance.

Book details:

Edition Notes

Statementprepared by the staff of the Subcommittee on Social Security ; Subcommittee on Social Security of the Committee on Ways and Means, U.S. House of Representatives.
ContributionsUnited States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security.
LC ClassificationsHD7125 .S846
The Physical Object
Paginationiii, 29 p. ;
Number of Pages29
ID Numbers
Open LibraryOL3921512M
LC Control Number81602869

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4. Statement on Signing Social Security Legislation--Decem I have signed into law H.R. , a bill that substantially incorporates the social security changes which I urged in my address of September 24 to the nation--restoration of the minimum benefit for people receiving that benefit, and interfund borrowing to tide the system over while the new National Commission on Social. William A. Niskanen is chairman of the Cato Institute and was a member of President Reagan's Council of Economic Advisers from to Washington Post columnist Lou Cannon, in his book, President Reagan: The Role of a Lifetime, called Niskanen's book, Reaganomics, "a definitive and notably objective account of administration economic policies.".   April The President signs into law the bipartisan plan passed by Congress to insure the solvency of the Social Security System, including a six-month delay in the cost-of-living increase. Change in the Soviet Union () Before recession begins Carter decision to support exiled Iran leader Shah resulted in 66 Americans taken hostage Raegan's presidency- Janu Janu Raegan signed bill that cut federal taxes by.

  So in essence, Reagan, GHW Bush and GW Bush didn’t abscond with Social Security money as most of the articles covering this particular increase in the SS Tax suggest. Rather, they defrauded the public by using the Social Security surplus to pay for the deficits caused by the tax breaks for the rich. The effect of Reagan's tax cuts (reduced revenue relative to a baseline without the cuts) were at least partially offset by phased in Social Security payroll tax increases that had been enacted by President Jimmy Carter and the 95th Congress in , and further increases by Reagan in and following years, also to counter the uses of tax shelters.   Bipartisan Reagan-O'Neill Social Security Deal in Showed It Can Be Done Social Security deal showed that good politics can happen in .   It was also under Reagan and the Social Security amendments that Social Security benefits began to be taxed. So even though income tax rates didn’t go up, some people on Social Security paid more in income tax because their Social Security benefits were now counted as income. Up to 50 percent of Social Security benefits were taxable.

  The $ billion package eased the program through a turbulent period, and marks the last time Congress cut Social Security benefits, raised taxes and lived to tell about it.   LAKELAND, FL--(Marketwired - ) - Economist and former professor Allen W. Smith recently published his newest book, "Ronald Reagan and the Great Social Security Heist," (), which focuses on the missing $ trillion of surplus Social Security revenue that is supposed to be in the trust fund."To make a long story very short, we . Before Romney and Ryan started attempting to privatize Social Security Ronald Reagan removed trillion dollars from the Social Security Trust Fund to be used to triple military spending. David Leonhardt’s article, “Yes, 47% of Households Owe No Taxes. SUMMARY of P.L. , (H.R. ) Social Security Amendments of Signed on Ap Makes comprehensive changes in Social Security coverage, financing, and benefit structure. Following are major provisions of the legislation which incorporate the recommendations of the National Commission on Social Security Reform.