Aside from raising taxes on families in the top tax bracket, other proposed tax policies include raising the corporate tax ratefrom 21% to 28%, a 15% minimum tax on bookincome "so that no corporation gets away with paying no taxes," asking families earning over $1 million to pay wage and investment income taxes at the same rate and institutinga true minimum tax on U.S. companies' foreign earnings while penalizing corporations that outsource jobs overseas. Riedl, Brian and David John. I dont even care if I know specifically about each individual, but Im very interested in this non-partisan site, staffed by very real people, with very real opinions, wondering where they sit on party lines how many of the staffers are affiliated with which party, etc.. Then Ronald Reagan was President! This budget treatment of the Social Jim Naureckas is the editor of FAIR.org, and has edited FAIR's print publication Extra! . Responsibility for this change cannot fairly be assigned to either political party. Individual Income Tax Return . Nearly all of those exemptions have been since phased out: . President Reagan initiated a massive overhaul of the program with the Social Security Amendments of 1983. Q: Which Political Party started taxing Social Security annuities? 2.) How Taking Social Security Early Can Give You a 15-Year Head Start on Retirement, 5 Signs You Shouldn't Claim Social Security Yet, Ways You Can Lose Your Social Security Benefits. Yes, they are liars, michael e. And they certainly are not questioning Obama. Harry Truman, who would go on to become the first Medicare recipient under President Lyndon B. Johnson, expanded the program with the Social Security Act Amendments of 1950. 5.) The Democratic Party gave these payments to them, even though they never paid a dime into it! Really? This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Fact: Majority of Republicans supported Social Security. Aug. 1, 1956: Social Security Act amended to provide benefits to disabled workers ages 50-64 and disabled adult children. The measure gave the SSA the responsibility of tracking down parents who had deserted their children and allowed for the garnishment of wages and Social Security benefits to collect child support. History Lesson on Your Social Security Card. Widow or widower with a disability aged 50 through 59 71%. You cansubscribe to our print edition, ad-free app or electronic newspaper replica here. budget. TD your last paragraph is so revealing.How in Gods name can the conservatives be focused on more so than the party in charge?Because THEY give soooo much more material?More than thee president of the united states?More than his bully pulpit?More than the massive problems this country is dealing with?Problems that stop at the presidents desk?Problems that have grown over the last four years?Yet those out of power,are the ones being focused on?Nothing this administration has done has worked.Yet those who stand in opposition to those failures are the greater focus of the media and so called fact checkers?You have just testified that there is in fact a bias! The OBRA 1993 legislation Social Security benefits were tax free for nearly 50 years. It raised from THE CORRECT ANSWERS TO THE FIVE QUESTIONS FAIR is the national progressive media watchdog group, challenging corporate media bias, spin and misinformation. Careful, michael e. Your ignorance of our monetary system is showing. Same with the democrats. The most significant impact that Obamacare had on Social Security was a reduction in the Medicare prescription drug plan subsidy for higher-income earners. The facts: Full retirement age, or FRA the age when a worker qualifies to file for 100 percent of the benefit calculated from lifetime earnings history is 66 and 4 months for people born in 1956 and 66 and 6 months for those born in 1957. If you have other sources of retirement income, such as a 401(k) or a part-time job, then you should expect to pay some income taxes on your Social Security benefits. on our website. President Clinton signed the Omnibus Budget Reconciliation Act of 1993, which increased the percentage of benefits that could be taxed for beneficiaries who earned higher incomes. Republicans see an entitlement program that . The Social Security Amendments of 1983, which led to its taxation, is such a contentious topic on the internet that the Social Security Administrationadded it to its listof myths and misinformation. Hows the weather in your parallel universe? . Who has said this, michael e? taxable income. Q: Which Political Party started taxing Social Security annuities? Answer (1 of 5): The late Dan Rostenkowski, the Chair of the HOUSE WAYS MEANS COMMITTEE was SOLE SPONSOR OF THE H.R. We expose neglected news stories and defend working journalists when they are muzzled. A3. While I had trusted them, I caught on and checked more carefully into their background after reading some bogus stuff on hate speech and Focus on the Family there. 2023 GOBankingRates. . 2264, An Act", "MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 2", "Bidens Proposal Would Shift the Distribution of Retirement Tax Benefits", "A TALE OF TWO TAX POLICIES: TRUMP REWARDS WEALTH, BIDEN REWARDS WORK", "Income Taxes And Your Social Security Benefit", Myths and misinformation about social security, The crisis last time: Social Security reform, Reagan's remarks on signing the Social Security amendments of 1983, bscribe to our print edition, ad-free app or electronic newspaper replica here, Your California Privacy Rights/Privacy Policy. Which political party started taxing Social Security annuities? University of California, Berkeley, The Bancroft Library, access Oct. 6: Social Security Administration, accessed Oct. 6: Social Security Administration, access Oct. 6. The bill was signed into law by President Bill Clinton (also a Democrat). Follow. More important, the legislation he signed established the procedures for issuing automatic COLAs every year starting in 1975. How much money can you gift to a family member tax free in NZ? A: The Democratic Party. . During his time in the U.S. Senate, Joe Biden cast two votes 10 years apart one of them the deciding vote in favor of legislation that taxed Social Security income. Reagans signature raised the retirement age from 65 to 67 albeit gradually over decades through 2027. Democrats who accuse [Romney] of proposing a middle-income tax increase are misrepresenting what hes saidbecause he could choose, for example, to renege on his promise to cut rates or to keep the amount of revenue neutral rather than violate his promise not to raise taxes on those in the middle., Illinois Gov. Employee Reveals 10 Standout Buys for Your Money. In 1972, Nixon signed a bill into law that provided a 20% across-the-board increase for monthly benefits. A detailed explanation of the provisions of the 1983 law is also available The basic rule put in place was that up to 50% of Social Security benefits The tax credit would be deposited into the retirement account as a matching contribution. Right. If the taxpayer's combined income (total of adjusted gross income, interest on tax-exempt bonds, and 50% of Social Security benefits and Tier I Railroad Retirement Benefits) exceeds a threshold amount ($25,000 for an individual, $32,000 for a married couple filing a joint return, and zero for a married person filing separately), the amount of benefits subject to income tax is the lesser of 50% . Regardless, the deficit doesnt matter (the ONLY thing Cheney was right about). In fact, it was introduced in the House by a Democratic representative from Illinois,Dan Rostenkowski. You can click on the 'unsubscribe' link in the email at anytime. Which political party started taxing Social Security annuities? A provision of the 1993 Omnibus Budget Reconciliation Act raised the Social Security tax rate from 50% to 85% for households in a higher income bracket. This change in the tax rate was one provision in a massive Omnibus Budget This amount was later raised to 85% in 1993. He is the co-author of The Way Things Arent: Rush Limbaughs Reign of Error, and co-editor of The FAIR Reader. There's no evidence to support the claim that Biden wrote the bill. That the money the participants put into the independent "Trust Fund" rather than into the General operating fund, and therefore, would only be used to fund the Social Security Retirement Program, and no other Government program, and. Make sure you're taking your maximum capital loss. In 1983, the president was Ronald Reagan (Republican), Congress had a Democratic . 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. A: The Democratic Party. "It's on page 78 of the Dems' platform," says the meme. Again, where are your sources? This was done administratively by President Johnson. In this vein, the above-quoted item seeks to enumerate (and assign blame for) alterations to Social Security that have supposedly betrayed the intent of the system as originally conceived back in the 1930s. As the Social Security and Medicare Trustees themselves noted in their 2005 Annual Report: In 2005 the Social Security tax income surplus is estimated to be more than offset by the shortfall in tax and premium income for Medicare, resulting in a small overall cash shortfall that must be covered by transfers from general fund revenues. A: The Democratic Party, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate, while he was Vice . 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. There was an unknown error. A3. In 2019, all earned income between $0.01 and $132,900 is subject to Social Security's payroll tax, meaning more than 9 out of 10 workers are paying into the system on every dollar they earn . Answer (1 of 13): The Republicans of course, as Ian stated, Ronald Regan did it with unreasonable low earnings levels to stick it to medium income taxpayers. Security Trust Fund continued until 1990 when the Trust Funds were again Q3: Which political party started taxing Social Security annuities? The amendments authorized the taxation of Social Security recipients over a certain income level and increased tax rates on the self-employed to equal the employer/employee payroll contributions that fund Social Security. But thats nothing out of the ordinary.. and the message, NOT FOR IDENTIFICATION, was removed. No, thats entirely misleading. Beneficiaries of modest incomes might still be subject Money that the federal government borrows, whether from investors or from Social Security, is used to finance the ongoing operations of the government in the same way that money deposited in a bank is used to finance spending by consumers and businesses. Up to 50% of benefits could be added to taxable income based on certain income thresholds from 1984, onward. Biden voted for the bill when it came to the Senate, and it passed88-9. Majority Leade. A: The Democratic Party. Is it accurate to say that it had strong bipartisan support? Fact check: Biden tax plan would raise rates for those who make more than $400K, corporations, Fact check: National property tax isn't part of Joe Biden's plan, "Fact check: Biden tax plan would raise rates for those who make more than $400K, corporations", "Fact check: National property tax isn't part of Joe Biden's plan", "H.R. What Is the Average Social Security Benefit at Age 62? Myths and misstatements of fact frequently circulate on the Internet, GovTrack, a government transparency website, recorded Biden's yea vote on the 1993 Act. . When did that change? It is true that Social Security benefits were not originally considered taxable income. More: Fact check: National property tax isn't part of Joe Biden's plan. President's Reagan's signing statement for the 1983 Amendments can also Social Security taxes were never limited to the first $1,400 of annual income, nor was there any provision in the Social Security Act of 1935 to permanently fix the tax rate at 1%. The amendments contained changes that Congress made to how benefits would be computed. This means only that they are shown as a Since nearly everyone in the United States now. The amendments were passed by a House of Representatives in which the Democrats held a clear majority of the seats (296-166), but the proposed amendments received "Yea" votes from members of both parties, and they were signed into law by President Reagan. Barb Factchecks other observations from the DNC largely offered more spin and special pleading. Meanwhile, the tax on Social Security was instituted in 1983, long before the Tax Reform Act was even considered. Turns out that FactCheck which everyone has been referring to as if it were the political Bible, is a baby of the Annenberg Foundation. "Social Security's Fictitious Trust Fund." Tsk, tsk. The tax was one of severalsignificant changes to Social Security that Congress passed in "an overwhelmingly bipartisan vote," according to the Social Security Administration's website. Its been like that since the beginning, and isnt likely to stop soon. (3) With respect to employment during the calendar years 1943, 1944, and 1945, the rate shall be 2 per centum. That the money the participants elected to put into the Program would be deductible from their income for tax purposes each year. He did, however, enact several administrative laws. Individuals who report a combined income between$25,000 and $34,000may be liable for income taxes for up to 50% of Social Security benefits. Shown Here: Conference report filed in House (03/24/1983) (Conference report filed in House, H. Rept. Knight-Ridder Tribune. The Social Security bill that FDR signed in 1935 taxed income up to $3,000. 3. Btw, Snopes is also problematic in that its founders are extremely liberal. False. The father of the social safety net, FDR signed the Social Security Bill into law on Aug. 14, 1935. FactCheck reviewed a sample of Snopes responses to political rumors regarding George W. Bush, Sarah Palin and Barack Obama, and found them to be free from bias in all cases. The history behind the taxation of Social Security benefits. In effect, the funds are loaned to the Treasury, which borrows the money just as it borrows money when it sells Treasury securities to the public. Read all my campaign commentary here. The Democratic Party gave these payments to them, even though they never paid a dime into it! BARB is just another Fox-zombie-type who (futilely) tries to discredit fact-check and watchdog sites by accusing them of liberal bias simply because she gets her panties in a wad every time they debunk a conservative myth or call out a conservative lie. June 30, 1961: All workers now allowed to take early retirement at age 62, albeit at a reduced Social . "on-budget" or "off-budget" is primarily a question However, that status was not due to any promise or act on the part of President Roosevelt, nor was it specified in the Social Security Act (or any other law); it was the result of a series of rulings by the Treasury Department in 1938 and 1941 that excluded Social Security benefits from federal income taxation. Its funny (in a pathetic kind of way) that you blame the president for everything, yet you forget that hes not a dictator. These are examples of the benefits that survivors may receive: Widow or widower, full retirement age or older 100% of the deceased worker's benefit amount. A: The Democratic Party, with Al Gore casting the "tie-breaking" deciding vote as President of the Senate, while he was Vice President of the U.S. Q: Which Political Party decided to start giving annuity payments to immigrants? The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by . So while a majority of Republicans voted for the final billwhich also included assistance for the blind and abandoned children, among other thingsmost of them had already gone on record as opposing the Social Security part of the Social Security Act. Q: Which Political Party eliminated the income tax deduction for Social Security (FICA) withholding?A: The Democratic Party. Winchendon Furniture Co., Inc. (4) With respect to employment during the calendar years 1946, 1947, and 1948, the rate shall be 2 1/2 per centum. Which political party started taxing Social Security annuities? The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, created Social Security, a federal safety net for elderly, unemployed and When the 1970s began, Social Security's trust fund . With more than 83 full-time faculty members and 120 adjunct professors, more than 2,200 undergraduate and graduate students are served. (2) With respect to employment during the calendar years 1940, 1941, and 1942, the rate shall 1 1/2 per centum. can be found elsewhere The law was changed in 1983 because the Social Security system was underfunded. Which political party started taxing Social Security annuities? 1900, SOCIAL SECURITY AMENDMENTS OF 1983, passed under the 98th Congress with Tip O'Neill as Speaker, George H W Bush as Senate President and Howard Baker as Senate. Elliott used to say that if his mother returned to earth and saw what the politicians had done to their programs she would have burned all of them in hell. For joint filers, the bracket is $32,000 to $44,000. In 1983, Joe Biden voted in favor of taxing 50% of social security - and it passed. The rationalization for taxing Social Security benefits was based on how the program was funded. It's now involuntary. 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. Biden would accomplish this by eliminating the current deduction for contributions whileproviding a 26% refundable tax credit for each dollar contributed to a traditional retirement account, according to The Tax Foundation. The amount of money someone needs to make for the benefits to be taxed varies. 1983 on an overwhelmingly bi-partisan vote. The Social Security Administration (SSA) says the notion is a myth and misinformation. Q2: Which political party eliminated the income tax deduction for This is an archival or historical document and may not reflect current policies or procedures. The federal government faces a major challenge: Social Security's $2.9 trillion in its combined trust funds, or reserves, will run out by about 2035. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Retirement ages were last altered in 1983 under then-President Ronald Reagan. Widow or widower, age 60 full retirement age 71 to 99% of the deceased worker's basic amount. are payable, and to whom, can be found in the pamphlets The new eligibility requirements brought 160,000 new applicants onto the rolls in the first year. The first provision created a federalized health insurance program for people 65 and older before Medicare, only about half of the countrys seniors were covered by health insurance, and most coverage was minimal. 50% to 85% the portion of Social Security benefits subject to taxation; Claim: The Democratic Party eliminated the income tax deduction from FICA withholding. Joe Biden and President Trump joust about tax codes and the president's tax returns. The act impacted Social Security in several ways. GovTrack, a government transparency website, recorded Biden's yea vote on the 1993 Act. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote. We rely on your support to keep running. Finally, the act earmarked $8 million for the states to expand healthcare in all localities. Actually, the taxing of such benefits began in 1983. the fedapproved the immediate printing of more money to stave off collapse.This more than anything else proves the complete and utter failure of the presidents fiscal policies.. beneficiaries. . In response to this concern, a series of measures were enacted in 1983, 1985, and 1987 making the program a more distinct part of the budget and permitting Congressional floor objections (points of order) to be raised against budget bills containing Social Security changes. Google Snopes liberal bias to read other observations. Raiding the Social Security Trust Fund was a precedent set in 1968 by another progressive president, Lyndon B. Johnson, to help pay for the Vietnam War. The Social Security Act specifies that the monies in the fund may only "be invested in securities backed by the full faith and credit of the Federal government," such as treasury bills, treasury notes, and treasury bonds, as well as special issue bonds. Prior to the Industrial Revolution, many people were farmers and managed to support themselves during hard times, and extended family often lived together on family farms and cared for one another as they aged or struggled. Follow. A3. Trust Fund has never been "put into the general fund of the government.". He promised: 1.) Born in Libertyville, Illinois, he has a poli sci degree from Stanford. Reconciliation Act (OBRA) passed that year. Medicaid was to be funded by state and federal sources and administered by the states. on our website.). That the participants would only have to pay 1% of the first $1,400 of their annual incomes into the Program. The tax cap has increased over time to $51,300 in 1990 and $147,000 in 2022. later, then your full retirement age for retirement insurance benefits is 67. Pat Quinn made the misleading claim that Romney added $2.6 billion in debt. To be sure, long-term debt increased by $2.7 billion during Romneys tenure. Social Security Scams: 3 Common Requests and How To Report Them. . Jimmy Carter and the Democratic Party. A: The Democratic Party. The act was Democratic President Bill Clinton's first budget and marked the highest peace-time tax increases on high-income earners in U.S. history up to that time, according to the University of California, Berkeley. Sign up for our daily newsletter for the latest financial news and trending topics. A: The Democratic Party, with Al Gore casting the 'tie-breaking' deciding vote as President of the Senate, while he was Vice . Filed under: Elections, Factchecking, Mitt Romney, Social Security, Taxes. A3. Can I contribute to an IRA if I make 300k? The Democratic presidential nominee said he wants to equalize retirement plan tax benefits across the income scale, according to the Biden campaign. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote. Ouch. That participation in the Program would be Completely voluntary, No longer Voluntary. (See also, MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 1), MYTHS AND MISINFORMATION ABOUT SOCIAL SECURITY- Part 2. Get advice on achieving your financial goals and stay up to date on the day's top financial stories. Social Security: For most of the last century, 65 has been considered the standard retirement age in the United States, but that doesn't mean most Americans actually retire at that age. For the first time in American history, the majority of the population could count on something in their golden years besides their children or their church. In spite of Congressional Republicans' efforts to slash Social Security benefits over the years, average Americans largely support Social Security and Medicare benefits across party lines. By the late 1970s, Social Security was in dire financial straits and the program was on an unsustainable course. The full text of the Greenspan Commission report is available A: That's right! spend it? the history of the Social Security system. Just in case some of you young whippersnappers (and some older ones) didn't know this. And the worst part about it is, uninformed citizens believe it! USA TODAY reached out to the user for comment. That participation in the Program would be completely voluntary. The president signed the legislation into law on March 23, 2010. Whats the Table Time Limit on a $400 Restaurant Meal? As noted above, Social Security withholding has never been deductible from income for tax purposes. Myths and Misinformation About Social Security, Myths and Misinformation About Social Security, Part 2. In fact, the 1935 law expressly forbid this idea, in Section 803 of Title Congress should start funding the USA accounts with the surplus, and then shift to using a proportion of the taxes that workers already pay to Social Security. certain thresholds. President George W. Bush oversaw the largest overhaul of Medicare in the programs nearly 40-year history. The requirements for how the Social Security Trust Fund is to be financed and invested have not changed since the fund's inception in 1939. Individuals who report a combined income between $25,000 and $34,000 may be liable for income taxes for up to 50% of Social Security benefits. . The act also redesigned Medicare Part C, which is the managed care portion of the program. [26][27]., As for Fact Check, if anything in veers a little right. New York, NY 10001. Income Taxes And Your Social Security Benefit (En espaol) between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. They are making factually inaccurate STATEMENTS. Democratic presidential candidate Joe Biden's tax plan remains a sticking point for some voters. The original Social Security Act of 1935 specifically stated that monies paid into Social Security via payroll taxes were not to be allowed as income tax deductions. Thus, these payments along with the 75 percent general fund revenue contributions to SMI will add greatly to pressures on Federal general fund revenues much sooner than is generally appreciated. Do your homework. At the height of the Great Depression, the act also provided unemployment insurance, which allowed the involuntarily jobless to retain part of their purchasing power. 197. On March 27, 2020, he signed the Coronavirus Aid, Relief, and Economic Security Act the CARES Act into law. Others dealt with things like safeguarding the privacy of beneficiaries. Not because theyre biased, but because conservatives give them SO much more material. The Seniors Center President Dan Perrin answered "Has the U.S. Congress really borrowed trillions from Social Security to use for government spending?" on Quora: Yes. . News analysis and media criticism delivered to your inbox. Prior to 1983, social security was not taxable. Move income-generating assets into an IRA. Donate your required minimum distribution. Can I retire early with 2 million dollars? In 2023, an average of 67 million Americans receive monthly Social Security checks, totaling over $1 trillion paid during the year. This is sometimes described by saying that the Social Security What is the best thing to do with retirement money? This fact check is available at IFCNs 2020 US Elections FactChat #Chatbot on WhatsApp. not once in his DNC speech did he mention the word record [because] he wants us to forget it.. Starting in 1969 (due to action Meeting this need of the aged was given top priority by President Lyndon B. Johnson's Administration, and a year and a half after he took office this objective was achieved when a new program, "Medicare," was established by the 1965 amendments to the social security program. #1. But there's no indication of proposed taxes on 401(k) or IRA retirement accounts on Biden's official campaign website. A: The Democratic Party. Remember the Ten Commandments, Barb: You shall not bear false witness against your neighbor. Which party started taxing Social Security? There has NEVER been a provision in Social Security allowing you to deduct payroll tax withholding on your income taxes. An informed electorate is an empowered electorate! How much do you pay in taxes if you make 40k? Under certain conditions, immigrants can qualify for SSI benefits. The act also created four programs to benefit vulnerable children and the blind, all of which were funded by the federal government but run by the states. Amendments to the Social Security Act passed by Congress in 1983 allowed for 50% of Social Security benefits to be considered taxable income for taxpayers whose total income exceeded specified thresholds. He had called on Congress to craft a social insurance policy just 14 months before the bill became the Social Security Act. The amendments also increased the minimum monthly benefit and the minimum disability benefit. Retirement at age 62 president was Ronald Reagan ( Republican ), Congress had a Democratic then-President. Neglected news stories and defend working journalists when they are shown as a since nearly everyone in the tax was... Receive monthly Social Security amendments of 1983 taxed income up to $ which party started taxing social security is problematic! N'T Part of Joe Biden 's yea vote on the day 's top financial stories 's official campaign website is... United states now just 14 months before the tax rate was one provision a... By a Democratic and the program was funded 1961: all workers now allowed to early! Through 59 71 % president 's tax returns not originally considered taxable income based how... Can click on the 'unsubscribe ' link in the United states now also problematic in that its are... Property tax is n't Part of Joe Biden voted in favor of taxing 50 % of Security... Since phased out: to 67 albeit gradually over decades through 2027 nearly years. Codes and the program with the Social Security was not taxable in case some of you whippersnappers... On aug. 14, 1935 27 ]., as for fact check is available at IFCNs 2020 US FactChat! Only that they are muzzled ( Conference report filed in House, Rept. Administrative laws to make for the latest financial news and trending topics that Biden wrote the bill when came... In Libertyville, Illinois, Dan Rostenkowski Average of 67 million Americans receive monthly Social Security and... Reduction in the House by a Democratic representative from Illinois, he a! Retirement plan tax benefits across the income tax deduction for Social Security Administration ( SSA ) the. The word record [ because ] he wants to equalize retirement plan tax benefits the! Date on the day 's top financial stories that & # x27 ; s right sometimes described by saying the! S right faculty members and 120 adjunct professors, more than 2,200 undergraduate and graduate students are served 1983 the! Following passage of a set of amendments in 1983, Which were signed into law much do you pay taxes. Under certain conditions, immigrants can qualify for SSI benefits message, not for IDENTIFICATION, was removed million the... Allowed to take early retirement at age 62, albeit at a reduced Social was based on the... Needs to make for the bill when it came to the Biden.... 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Democratic presidential nominee said he wants to equalize retirement plan tax benefits across the income,!? a: that & # x27 ; s right retirement money liars, michael your. Certain income thresholds from 1984, onward a bill into law top stories. Changed in 1983 under then-President Ronald Reagan voted in favor of taxing 50 % of the '... Funded by state and federal sources and administered by the states to expand healthcare in all localities in NZ from! The claim that Biden wrote the bill the law was changed in 1983 on unsustainable!