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There are numerous viable options to preserve the retirement system, including Social Security, in a fiscally sustainable way that gives families adequate time to plan and strengthens support for those who need it the most.
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
Why Reform Our Corporate Tax Code?
Social Security is an important program that is part of the fabric of America. We must ensure that Social Security is available for future generations.