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Full-Text Articles in Law
Social Security In An Era Of Retrenchment: What Would Happen If The Social Security Trust Funds Were Exhausted?, Kathryn L. Moore
Social Security In An Era Of Retrenchment: What Would Happen If The Social Security Trust Funds Were Exhausted?, Kathryn L. Moore
Law Faculty Scholarly Articles
Social Security's income, including interest income on the Social Security trust funds' reserves, currently exceeds costs. The system, however, is facing a long-term deficit. Specifically, the Social Security Trustees project that, unless the Social Security Act is amended, by 2033 the system's reserves will be depleted, and its income will only be sufficient to cover about 75 percent of scheduled benefits.
This article addresses two questions related to the funding of Social Security. Part I discusses what would happen if the Social Security trust funds were exhausted. Part II discusses whether Congress could amend the Social Security Act to reduce …
Retirees Beware: Don't Worry About The British, 'Taxmageddon' Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Retirees Beware: Don't Worry About The British, 'Taxmageddon' Is Coming, Douglas A. Kahn, Lawrence W. Waggoner
Articles
"Taxmageddon" is coming. Unless Congress extends the current rates or reaches an agreement on tax reform, dividends will then be taxed as ordinary income at a marginal rate as high as 39.6 % and net capital gains will then be taxed at 20%. For high-income taxpayers, a 3.8% Medicare surtax will be added to the taxation of net capital gains, dividend income, interest, and other investment income, bringing the highest marginal rate to 43.4%.