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Will Republicans use funds from social security to fund the tax cut?
Wiki User
∙ 6y ago
Probably not from the fund because it is a trust and politcally sensitive, but they will divert payroll taxes intended for the fund; for social security to the general fund instead.
Wiki User
∙ 6y ago
There is no evidence to suggest that Republicans intend to use funds from Social Security to fund the tax cut. Social Security operates on its own funding system through payroll taxes and has a separate trust fund specifically designated for it. Any changes to Social Security funding would require separate legislation.
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Who voted to transfer social security funds into general fund?
it was never transferred to the general fund.
What was the first year that congress took funds from the social security trust fund?
1987
What is the role of the social security act today?
Social Security pays retirement, disability, and survivor benefits.
How much money has been taken from social security and put into the general fund?
The Social Security Trust Fund was established in 1939 to receive monies collected for Social Security through payroll taxes. The monies in this fund are managed by the Department of the Treasury; they are not, nor have they ever been, put into the "general operating fund."However, the Social Security Act specifies that the monies in the fund may "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. So, essentially, the government can "invest" Social Security funds by lending them to itself, then spending that money on programs not related to Social Security (e.g., defense, foreign aid, education). This has always been the case.During the Johnson administration, Social Security and other Federal programs that operate through trust funds were counted officially in the budget. This did not mean that it was actually part of the general fund, rather that it was finally recorded as part of the budget.
When was National Social Security Fund - Uganda - created?
National Social Security Fund - Uganda - was created in 1986.
Which president raided social security?
No president can raid the social security fund. The President has no control over the social security fund . Only Congress can put money in or take money away from social security. No money has ever been actually set aside for social security. Money collected for social security has always been spent as quickly as it comes in. A record is kept and the fund is credited with the amounts taken in and debited for money paid out . They even add interest to the balance of fund, but no real money.
What are intragovernmental holdings?
Intragovernmental Holdings are Government Account Series (GAS) securities held by government trust funds, revolving funds and special funds; plus Federal Financing Bank securities. The Intragovernmental Holdings are primarily composed of the Medicare Trust Fund and Social Security Trust Fund.
Why did President Johnson put Social Security Funds into the General Fund?
He didn't. By law, Social Security funds are deposited into the Social Security Trust Fund and cannot be deposited into the general fund. To add to my colleague's succinct answer, here's a long version: Workers pay into the Social Security Trust Fund through a separate tax structure, and the money collected is invested in financial markets. If the Trust Fund runs a surplus from these collections (combined with interest earned from investments), the extra money can be given to the General Fund of the Treasury, in exchange for federal government bonds. Therefore, money isn't "taken out" of the Independent Trust Fund, but loaned to the Treasury. At the end of 2010, Social Security had a $2.6 trillion dollar surplus, which given current policy, will continue to grow until the year 2022. After 2022, the fund will decline until it is exhausted in 2033. The General Fund *cannot* be "raided" by the Treasury; the Treasury can only borrow money, which it has an obligation to pay back (plus interest). Since this borrowing happens all the time, and the borrowed money is used for a variety of purposes, one party or the other will often claim that money has been "stolen" from seniors. This actually means that the Treasury is paying for something the complaining party doesn't like. Since there's always something one party thinks shouldn't be funded, and Social Security is such a potent political issue, politicians will continue to claim that funds were stolen, even though this has never happened.
What did the us government implement for the first time to help pay for the war?
The government stole the surplus funds from the social security fund and placed them into the general fund to be used for the war effort to the present day and haven't replaced any of those payments.
Can social security disability benefits be garnished if you have a trust fund at the bank?
no
Who unlocked social security it was a locked fund?
Lydon B johnson
Did Richard Nixon withdraw money from the social security fund?
yes
