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GOOD MORNING, WHAT YEAR DID WE HAVE TO START PAYING TAXES ...

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GOOD MORNING, WHAT YEAR DID...
GOOD MORNING, WHAT YEAR DID WE HAVE TO START PAYING TAXES ON OUR SOCIAL SECURITY WHEN WE BEGIN DRAWING AND WHO WAS THE PRESIDENT THE PASSED THAT BIL
Submitted: 9 years ago.Category: Tax
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Answered in 1 hour by:
4/16/2008
Tax Professional: Brad, Retired IRS Agent replied 9 years ago
Brad
Brad, Retired IRS Agent
Category: Tax
Satisfied Customers: 177
Experience: Retired; 32 years service and expertise in Individual, Partnership, Trust, Corporate Tax Law;Mensa
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Good Day,Customer

Franklin Roosevelt signed the bill in 1935 as you'll read in the direct quotes from the cited websites below. The websites offer much information on the system in a clear format. I especially enjoyed reviewing the fast facts at the first website. Retirement age was set at 65. It was reset in 1956 to an early retirement age of 62 for women and in 1961 at 62 for men.

""The Social Security Act was signed by Franklin D Roosevelt on 8/14/35. Taxes were collected for the first time in January 1937 and the first one-time, lump-sum payments were made that same month. Regular ongoing monthly benefits started in January 1940. ""

""...the CES planners made a rough judgment that age 65 was probably more reasonable than age 70. This judgment was then confirmed by the actuarial studies. The studies showed that using age 65 produced a manageable system that could easily be made self-sustaining with only modest levels of payroll taxation."""

http://www.ssa.gov/history/hfaq.html

**************************************************

id="ncfz">http://www.socialsecurityreform.org/history/index.cfm

""1935 - The Social Security Act, which covered workers in commerce and industry, was signed by President Roosevelt.

1937 - The Federal Insurance Contribution Act (FICA) required workers to pay taxes to support the Social Security system. Payroll taxes were 2%

1956 - Disability Insurance was created, and expanded over the following years. Early retirement at age 62 for women was permitted. Payroll taxes were 4%.

1961 - Early retirement at age 62 for men was permitted. Payroll taxes were 6%. ""

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Brad
Brad, Retired IRS Agent
Category: Tax
Satisfied Customers: 177
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Experience: Retired; 32 years service and expertise in Individual, Partnership, Trust, Corporate Tax Law;Mensa

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