when did the social security act become law
Social Security (United States) In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance (OASDI) program and is administered by the Social Security Administration.[1] The original Social Security Act was signed into law by President Franklin Roosevelt in 1935,[2] and the current version of the Act, as amended,[3] encompasses several social welfare and social insurance programs.
Social Security (United States) Originally the benefits received by retirees were not taxed as income. Beginning in tax year 1984, with the Reagan-era reforms to repair the system's projected insolvency, retirees with incomes over $25,000 (in the case of married persons filing separately who did not live with the spouse at any time during the year, and for persons filing as "single"), or with combined incomes over $32,000 (if married filing jointly) or, in certain cases, any income amount (if married filing separately from the spouse in a year in which the taxpayer lived with the spouse at any time) generally saw part of the retiree benefits subject to federal income tax.[118] In 1984, the portion of the benefits potentially subject to tax was 50%.[119] The Deficit Reduction Act of 1993 set the portion to 85%.