International Aspects of the 1983 Social Security Amendments
Congress had an eye on international ramifications when it legislated Social Security bailout regulations in 1983. A great increase in Social Security tax and federal income tax is expected to result from four amendments: the imposition of withholding tax on nonresident aliens, the imposition of Social Security self employment (SECA) tax on citizens living areas, the imposition of Social Security tax on employees (FICA) on resident aliens employed by American firms, and coverage extension as to citizens working for foreign operations. These points are analyzed in detail. Other amendments as to international ramifications of the United States social security system include accelerated time periods for totalization agreements, the imposition of tax per such agreements, and changes in the residency requirements aimed at the suspension of benefits to aliens outside of the states for more than six months. Exceptions to these amendments are reviewed.
Publication Name: Tax Management International Journal
Social Security reform: marginal or fundamental change?
The Advisory Council charged with proposing reforms for Social Security agreed on a number of principles but presented a varied group of proposals to address funding concerns. Under one proposal, revenues would be raised to meet anticipated shortfalls, and a second would focus primarily on benefits reductions. The third would more fundamentally reform Social Security would separate Social Security's social support and income redistribution goals by partially privatizing mandated retirement savings. The Council did agree on several issues, including increasing retirement age and maintaining progressivity.
Publication Name: Journal of the American Society of CLU & ChFC
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Publication Name: Law Office Computing
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