Taxes, Social Security, and the Deficit

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Publisher :
ISBN 13 :
Total Pages : 140 pages
Book Rating : 4.0/5 (18 download)

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Book Synopsis Taxes, Social Security, and the Deficit by : United States. Congress. House. Select Committee on Aging

Download or read book Taxes, Social Security, and the Deficit written by United States. Congress. House. Select Committee on Aging and published by . This book was released on 1985 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Returning Social Security to Pay-as-you-go Financing

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Publisher :
ISBN 13 :
Total Pages : 256 pages
Book Rating : 4.0/5 ( download)

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Book Synopsis Returning Social Security to Pay-as-you-go Financing by : United States. Congress. House. Select Committee on Aging

Download or read book Returning Social Security to Pay-as-you-go Financing written by United States. Congress. House. Select Committee on Aging and published by . This book was released on 1990 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Social Security Reform

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Publisher : Createspace Independent Pub
ISBN 13 : 9781481907712
Total Pages : 42 pages
Book Rating : 4.9/5 (77 download)

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Book Synopsis Social Security Reform by : Dawn Nuschler

Download or read book Social Security Reform written by Dawn Nuschler and published by Createspace Independent Pub. This book was released on 2013-01-04 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security reform has been an area of interest to policymakers for many years. In 2011, Social Security program changes were discussed during negotiations on legislation to increase the federal debt limit and reduce federal budget deficits. In August 2011, the Budget Control Act of 2011 (P.L. 112-25) established a Joint Select Committee on Deficit Reduction tasked with recommending ways to reduce the deficit by at least $1.5 trillion over the fiscal year period 2012 to 2021. Social Security program changes were among the measures discussed by the Joint Committee. The Joint Committee, however, did not reach agreement on a legislative proposal by the November 23, 2011, statutory deadline. Currently, Social Security program changes may be considered as part of a deficit reduction package under negotiation by policymakers. The spectrum of ideas for reform ranges from relatively minor changes to the pay-as-you-go social insurance system enacted in the 1930s to a redesigned, “modernized” program based on personal savings and investments modeled after IRAs and 401(k)s. Proponents of the fundamentally different approaches to reform cite varying policy objectives that go beyond simply restoring long-term financial stability to the Social Security system. They cite objectives that focus on improving the adequacy and equity of benefits, as well as those that reflect different philosophical views about the role of the Social Security program and the federal government in providing retirement income. However, the system's projected long-range financial outlook provides a backdrop for much of the Social Security reform debate in terms of the timing and degree of recommended program changes. On April 23, 2012, the Social Security Board of Trustees released it latest projections showing that the trust funds will be exhausted in 2033 and that an estimated 75% of scheduled annual benefits will be payable with incoming receipts at that time (under the intermediate projections). The primary reason is demographics. Between 2010 and 2030, the number of people aged 65 and older is projected to increase by 77%, while the number of workers supporting the system is projected to increase by 7%. In addition, the trustees project that the system will run a cash flow deficit in each year of the 75-year projection period. When current Social Security tax revenues are insufficient to pay benefits and administrative costs, federal securities held by the trust funds are redeemed and Treasury makes up the difference with other receipts. When there are no surplus governmental receipts, policymakers have three options: raise taxes or other income, reduce other spending, or borrow from the public (or a combination of these options). Public opinion polls show that less than 50% of respondents are confident that Social Security can meet its long-term commitments. There is also a public perception that Social Security may not be as good a value for future retirees. These concerns, and a belief that the nation must increase national savings, have led to proposals to redesign the system. At the same time, others suggest that the system's financial outlook is not a “crisis” in need of immediate action. Supporters of the current program structure point out that the trust funds are projected to have a positive balance until 2033 and that the program continues to have public support and could be affected adversely by the risk associated with some of the reform ideas. They contend that only modest changes are needed to restore long-range solvency to the Social Security system. During the 111th Congress, four Social Security reform measures were introduced. None of the measures received congressional action. In the 112th Congress, several Social Security reform measures have been introduced; none have received congressional action.

Report of the National Commission on Social Security Reform

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Publisher :
ISBN 13 :
Total Pages : 298 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis Report of the National Commission on Social Security Reform by : United States. National Commission on Social Security Reform

Download or read book Report of the National Commission on Social Security Reform written by United States. National Commission on Social Security Reform and published by . This book was released on 1983 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Budget options

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Publisher :
ISBN 13 :
Total Pages : 380 pages
Book Rating : 4.3/5 (129 download)

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Book Synopsis Budget options by : United States. Congressional Budget Office

Download or read book Budget options written by United States. Congressional Budget Office and published by . This book was released on 1977 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Privatizing Social Security

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Publisher : University of Chicago Press
ISBN 13 : 0226241823
Total Pages : 484 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis Privatizing Social Security by : Martin Feldstein

Download or read book Privatizing Social Security written by Martin Feldstein and published by University of Chicago Press. This book was released on 2008-04-15 with total page 484 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts. "Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal "[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest

The Great Deficit Scares

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ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis The Great Deficit Scares by : Robert Eisner

Download or read book The Great Deficit Scares written by Robert Eisner and published by . This book was released on 1997 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: American politics often seems to be focused on three deficits, real and potential: the federal budget, the Social Security Trust Fund, and the trade balance. Robert Eisner, past president of the American Economic Association, explains why this is an unhealthy situation as well as a source of much misunderstanding. He argues that simply looking at the raw numbers creates misimpressions about the country's real economic situation, as well as provoking potentially damaging ideas for "remedies." Eisner points out that Social Security Trust Fund deficits can be "fixed" by simple changes in accounting procedures or funding requirements. And America's trade deficit will not bankrupt the country--servicing America's foreign obligations will take only a tiny share of its national wealth. As with any other loan, Eisner reminds us, it is what deficits are spent on that counts: tax cuts or investments in education, research, or the nation's capital stock. Eisner maintains that the economic dragons the American nation should be attempting to slay do not entail mythically measured budget or current account deficits. The real economic troubles that America faces are those of poverty, income inequality, and a failure to invest in human capital and public infrastructure.

Social Security Reform

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Publisher : OUP Oxford
ISBN 13 : 9780199247899
Total Pages : 120 pages
Book Rating : 4.2/5 (478 download)

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Book Synopsis Social Security Reform by : Peter A. Diamond

Download or read book Social Security Reform written by Peter A. Diamond and published by OUP Oxford. This book was released on 2002 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Also considered are the risks in the political process."--BOOK JACKET.

Social Security's Looming Surpluses

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Publisher : American Enterprise Institute
ISBN 13 : 9780844737294
Total Pages : 266 pages
Book Rating : 4.7/5 (372 download)

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Book Synopsis Social Security's Looming Surpluses by : Carolyn L. Weaver

Download or read book Social Security's Looming Surpluses written by Carolyn L. Weaver and published by American Enterprise Institute. This book was released on 1990 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines the economic consequences of the Social Security Trust Fund surpluses.

Reducing the Deficit, Spending and Revenue Options

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Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis Reducing the Deficit, Spending and Revenue Options by :

Download or read book Reducing the Deficit, Spending and Revenue Options written by and published by . This book was released on 1983 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Saving Social Security

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Publisher : Brookings Institution Press
ISBN 13 : 9780815796237
Total Pages : 300 pages
Book Rating : 4.7/5 (962 download)

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Book Synopsis Saving Social Security by : Peter A. Diamond

Download or read book Saving Social Security written by Peter A. Diamond and published by Brookings Institution Press. This book was released on 2003-12-04 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: While everyone agrees that Social Security is a vital and necessary government program, there have been widely divergent plans for reforming it. Peter A. Diamond and Peter R. Orszag, two of the nation's foremost economists, propose a reform plan that would rescue the program both from its projected financial problems and from those who would destroy the program in order to save it. vi ng Social Security's's strategy balances benefit and revenue adjustments, following the precedent set by the last major Social Security reform in the early 1980s. The authors' proposal restores long-term balance and sustainable solvency to the program without imposing additional burdens on the rest of the budget. Further, it protects disability and young survivor benefits and strengthens Social Security's protections for low earners and widows. Most important, the plan preserves the program's core social insurance role by providing a base-level of assured income to American workers and their families in time of need. To better understand the accomplishments and financial problems of Social Security, Diamond and Orszag provide background on the program, as well as on the causes of the long-term deficit. They suggest ways in which various alternative reform plans should be evaluated and explain the shortcomings of proposals to replace part of Social Security with individual accounts. Saving Social Security is essential reading for policymakers involved in reform, analysts, students, and all those interested in the fate of this safeguard of American lives.

Taxation of Social Security Benefits

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ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Taxation of Social Security Benefits by : United States. Congress. Senate. Committee on Finance

Download or read book Taxation of Social Security Benefits written by United States. Congress. Senate. Committee on Finance and published by . This book was released on 1993 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Social Security and the Budget

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Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis Social Security and the Budget by : National Academy of Social Insurance (U.S.). Conference

Download or read book Social Security and the Budget written by National Academy of Social Insurance (U.S.). Conference and published by . This book was released on 1990 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt: These proceedings present a spectrum of opinions on such questions as: Should Social Security be in or out of the budget? Should Social Security reserves be included in deficit reduction targets? How large will the cost of the aging population be? What does the public think about Social Security and the budget and how will those opinions influence the budget process? What contribution, if any, should Social Security make to a deficit reduction compromise? Participants in the conference included members of Congress, social insurance experts, policy analysts and Congressional and Executive branch staff. Co-published with The National Academy of Social Insurance.

Social Security Solvency Protection Act

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Publisher :
ISBN 13 :
Total Pages : 168 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Social Security Solvency Protection Act by : United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security

Download or read book Social Security Solvency Protection Act written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Social Security and published by . This book was released on 1990 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Reducing the Deficit

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Publisher :
ISBN 13 :
Total Pages : 396 pages
Book Rating : 4.:/5 (327 download)

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Book Synopsis Reducing the Deficit by : United States. Congressional Budget Office

Download or read book Reducing the Deficit written by United States. Congressional Budget Office and published by . This book was released on 1988 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Deficits, Debt, and the New Politics of Tax Policy

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Publisher : Cambridge University Press
ISBN 13 : 1139851578
Total Pages : 301 pages
Book Rating : 4.1/5 (398 download)

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Book Synopsis Deficits, Debt, and the New Politics of Tax Policy by : Dennis S. Ippolito

Download or read book Deficits, Debt, and the New Politics of Tax Policy written by Dennis S. Ippolito and published by Cambridge University Press. This book was released on 2012-11-12 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Constitution grants Congress the power 'to lay and collect taxes, duties, imposts and excises'. From the First Congress until today, conflicts over the size, role and taxing power of government have been at the heart of national politics. This book provides a comprehensive historical account of US tax policy that emphasizes the relationship between taxes and other budget components. It explains how wars, changing conceptions of the domestic role of government, and beliefs about deficits and debt have shaped the modern tax system. The contemporary focus of this book is the partisan battle over budget policy that began in the 1960s and triggered the disconnect between taxes and spending that has plagued the budget ever since. With the US government now facing its most serious deficit and debt challenge in the modern era, partisan debate over taxation is almost completely divorced from fiscal realities.

Social Security and Its Discontents

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Publisher : Cato Institute
ISBN 13 : 1933995742
Total Pages : 402 pages
Book Rating : 4.9/5 (339 download)

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Book Synopsis Social Security and Its Discontents by : Michael D. Tanner

Download or read book Social Security and Its Discontents written by Michael D. Tanner and published by Cato Institute. This book was released on 2004-02-25 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Social Security is the largest government program in the world. But it is also a deeply troubled one, on the verge of financial collapse. Within 15 years Social Security will begin running a deficit. Overall, the program is more than $26 trillion in debt. Without fundamental reform it will not be able to pay the benefits it has promised to our children and grandchildren. That has prompted the most far-reaching discussion of the purpose and structure of Social Security since the program was enacted in 1935. Not so very long ago, Social Security was rightly regarded as the “third rail” of American politics—touch it and your career dies. But no longer. Polls today show that the vast majority of Americans support proposals that would allow younger workers to privately invest at least part of their Social Security taxes through individual accounts. For more than 25 years the Cato Institute has led the debate for Social Security reform, arguing that the program is fundamentally flawed and calling for greater freedom and choice for working Americans. Social Security and Its Discontents represents the best of Cato’s publications on the issue. It includes essays by the nation’s top economists and Social Security experts, discussing Social Security’s finances; the urgent need for reform; how the program treats women, minorities, and low-income workers; and the options for reform. Edited by Michael D. Tanner, this collection is essential reading for anyone who cares about what kind of country we will leave to our children and grandchildren.