[Politics_CurrentEvents_Group] RR started taxing SS benefits,

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Friday, July 29, 2011

 

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Question

Asked 3/5/2010

What date was tax on Social Security started?

Originally Social Security befefits were not taxable. What year did the start of taxing SS benefits start? And, who was president at the time?

 
 
 
 
Answers

Answer 1/2 - Submitted 4/25/2010

The taxation of Social Security benefits was the result of the recommendations from the Greenspan Commission. This commission was appointed by Ronald Reagan to evaluate the Social Security Trust Fund and make recommendations to Congress on how to maintain solvency.
Congress, in a rare bipartisan effort then passed legislation in 1983 that allowed for up to 50% of Social Security benefits to be taxable if the taxpayer's income exceeded a certain threshold. The income at which your benefits are taxable is $25,000.00 for single filer and $32,000.00 for joint filers. (2009)
There were other changes at that time that increased the age for full retirement benefits for future recipients.
President Ronald Reagan signed the amendments to Social Security in April 1983 and they became effective in 1984.

 
 

Answer 2/2 - Submitted 4/25/2010

The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.

The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer's total income exceeded certain thresholds.

The taxation of benefits was a proposal which came from the Greenspan Commission appointed by President Reagan and chaired by Alan Greenspan (who went on to later become the Chairman of the Federal Reserve).

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