Revamping Social Security essays

Revamping Social Security essays Running head: Revamping Our Future Social Security Revamping Our Future Social Security Tax System This paper will discuss the current United States Social Security Tax system, the purpose of that system and our goal for selecting this topic. Also, it will explain our analysis of it's current standing, different idea's about what to change in our current standing to secure and guarantee a strong future for it. We will conclude by recommending the best course to accomplish this goal. Current U.S.A. Social Security Tax System 4 Graph: Social Security Tax Increases 9 Current U.S.A. Social Security Tax System Social Security has been around for more than 60 years. It has been an important part of American life. It was created in 1935 shortly after the great depression. Social Security was created to be a protection for the American people against the hazards of unemployment, old age, and ill health. Today Social Security not only provides minimum protection for the retired worker, it also provides benefits for workers and their families due to death of a family wage earner or loss of income due to disability. Today there are about 150 million workers who are protected by social security, more than 44 million receive retirement, survivors and disability benefits form social security. American wage earners and their families are protected by social security and they pay taxes to help make the system work. There are two philosophies Social Security bases its payments on. First, the system is designed so that there is a link between how much a wage earner pays into the system and how much he or she will receive in benefits. For example, a high wage earner will receive more benefits while a low wage earner will receive less. Second, a base for economic security is provided by the Social Security system. Social Security provides a valuable package of retirement, disability and survivors insurance, wh...