Major provisions of the 1977 amendments:........Increased tax rates slightly in 1979 and 1980, and more significantly in 1981 and later. The ultimate OASDHI tax rate would be 7.65% on employees and employers, each, in 1990. (Formerly, the rate in 1990 was 6.45%, and the ultimate rate 7.45% in 2011.)1983 Amendments........Acceleration of scheduled tax increases for employees and employers, with an offsetting tax credit for employees for 1984; increase in the rates for the self-employed to equal the combined employee/employer rate but with partially offsetting credits and deductions.==================Okay....I got ya. Because the increases were scheduled with the 1977 amendment and Reagan only accelerated by 30+ years, then he didn't increase them.<eyeroll>And we certainly don't want to recognize this increase.Inclusion of up to 50% of Social Security benefits in the taxable income of higher income recipients and transfer of projected revenues therefrom to the Social Security trust funds. The income thresholds (adjusted gross income plus one-half of Social Security benefits) were set at $25,000 for single individuals, $32,000 for couples filing jointly, and zero for couples filing separately.Jean......glad I was away from the computer today.
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