TV News LIES

Monday, Oct 22nd

Last update05:20:13 AM GMT

You are here News Economy The GOP tax plan could negatively affect your Social Security benefits

The GOP tax plan could negatively affect your Social Security benefits

E-mail Print PDF

Tax reform? No, tax CUTS for the wealthy!Without a guaranteed monthly stipend, the number of seniors living below the federal poverty level could well rise by millions. In fact, the Social Security Administration (SSA) reports that 34% of elderly Americans receiving benefits relies on Social Security for 90% or more of their monthly income. Stats like these are why Social Security is so important, and why current and future retirees are eager to see this critical program protected.

But this "financial rock" is primed to face some serious obstacles in the years to come. The most recent annual report from the Social Security Board of Trustees estimates that it'll begin paying out more in benefits than it's collecting in revenue by 2022. Just 12 years later, in 2034, its approximately $3 trillion in asset reserves will be completely depleted. To continue making monthly payments through 2091, the Trustees believe an across-the-board cut to benefits of up to 23% may be needed.

More...


Most Recent Related Stories...


The national debt and the federal deficit are skyrocketing. How it affects you

US debt and deficit are risingThe national debt is $21 trillion and counting. The federal deficit soared last year to $779 billion...

Elon Musk and Tesla to pay $40m to settle SEC case over tweets

Elon Musk and Tesla to pay $40m to settle SEC case Elon Musk is to step down as chair of Tesla for three years and pay a...

US Economists Nordhaus, Romer Awarded 2018 Nobel Prize

US Economists awarded Nobel Prize The 2018 Nobel Prize for economics has been awarded to US economists William Nordhaus and Paul Romer...

China Tariff Retaliation Will Hit $60 Billion of U.S. Goods

Trade war with China China announced it will take retaliatory tariff action against $60 billion of U.S. goods, sharply escalating...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!