The Social Security Trustees are set to release their long-awaited report on the nation’s future finances Tuesday, and many of the reforms that the trustees have pushed through in recent years have already been enacted in the past.
But many of those measures have been controversial.
The report’s findings could determine whether seniors receive more help under the law or whether the retirement system will get a boost in federal funding.
Here are 10 of the most contentious reforms in the report.
Limit the Social Security payroll tax to a minimum of $115,000.
This year’s report shows that the Social Fund has enough money to cover about 75 percent of all Americans’ Social Security payments, so the trustees are proposing to lower the payroll tax, which currently exceeds $125,000, to $115.
Some Social Security beneficiaries may be upset about this move, which would make them pay the full $105,000 payroll tax.
The trustees argue that it will give the program enough money for most Americans to receive their monthly Social Security checks.
But some experts say the reduction would only make the program more vulnerable to inflation and the economy’s overall health.
Allow a higher percentage of workers to work after they reach retirement age.
The Social Fund currently allows workers to be paid more after they turn 65, but it does not have an age limit.
Currently, about 15 percent of workers can expect to earn more than $100,000 in retirement, according to the trustees.
The commission said that this change would make the retirement program more flexible, as older workers who do not work much beyond their early 70s would be eligible for Social Security benefits.
The average worker’s annual income for retirement would increase to about $72,000 under the proposal, the trustees said.
Eliminate the “tax credit” for health insurance coverage.
The health care overhaul would give some Social Security recipients more health insurance benefits than they receive under current law, such as health savings accounts and the Medicaid expansion.
The current system is set up so that the money paid to workers goes to cover health care expenses.
The new system, which the trustees say would replace the tax credit, would not.
The proposal would replace it with a $100-per-employee cap on the amount workers can deduct for health care costs.
The cap would not be indexed to inflation, which is the measure the trustees consider most important in determining the future of the program.
Under the plan, those who earn more would be able to deduct health care premiums and out-of-pocket expenses, but those earning less would not have the option to do so. 4.
Cut taxes for the wealthy.
The wealthy, in particular, have made a big push to cut taxes for them.
But critics of the proposal say that wealthier people have paid little or no income taxes since they have been able to take advantage of the estate tax and other loopholes to avoid paying taxes.
Some economists argue that the wealthy should be taxed on their income, not their wealth.
The plan the trustees plan to release Tuesday would raise taxes on those who earned between $1 million and $1.7 million in 2011 and between $5 million and the $25 million threshold.
Those earning more would pay a higher tax rate, but they would still be able take advantage on a per-dollar basis of a higher estate tax exemption.
The $25-million threshold would also apply to those who make more than that.
Limit Social Security to one child.
Social Security was originally created to help pay for the health of the elderly.
But the trustees argue in the new report that the system should not be used to pay for a family.
The government should instead use the money for providing education and health care to seniors, they wrote.
But they say that while some seniors are doing well, many more are not.
They also say that in the current system, the system does not help people who are disabled or who are not able to work because of disability.
The tax credits are paid through a formula that uses a formula based on a person’s age, so people who earn less will pay a smaller percentage of their incomes in taxes.
Increase the child tax credit.
The child tax credits have been a contentious issue in recent decades.
Some argue that their cost is excessive and that people should not pay the tax for children, especially children from low-income families.
A 2011 report by the Tax Policy Center estimated that in 2017, those earning between $15,000 and $24,999 would pay an additional $1,600 in federal taxes, on average.
The same report found that those earning more than the $40,000 tax threshold would pay more in taxes, and people earning less than $24 and $40 would pay less.
In the past, the Social Guard has said that the tax credits would be phased out, but in the draft report, the commission says the changes will take effect in 2019.
Reduce the age at which people start paying Social Security