Everyday Pensacola

A place to discuss Pensacola, Florida area topics as well as the rest of the nation/world. To write a post, you must register and log in.
HomeHome  RegisterRegister  Log in  

Share | 

 payroll tax hikes to fund bankrupt SSDI?

Go down 

PostSubject: payroll tax hikes to fund bankrupt SSDI?    Thu Aug 14, 2014 8:56 pm

Social Security is facing a legislative reckoning, regardless of whether lawmakers want it.

The trust fund for the disability program will run out in late 2016, Social Security’s Board of Trustees warned in late July.

There were roughly 11 million disability recipients in 2013, drawing an average of more than $1,100 in monthly benefits, according *to the Congressional Budget Office. The Social Security Administration expects that it will spend nearly $150 billion in fiscal 2015 on SSDI — a large sum even by federal spending standards.

Lew and key congressional Democrats have advocated reallocating some payroll taxes from the Social Security retirement trust fund — which is due to run out after 2030 — to the disability program.

The disability program's financial woes are big enough to mean significant payroll tax hikes — more than $28 billion annually, according to the CBO

Death by a thousand cuts/taxes
Back to top Go down
payroll tax hikes to fund bankrupt SSDI?
Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
Everyday Pensacola :: Politics-
Jump to: