Bill Clinton's administration primarily impacted Social Security by increasing taxes on high-income beneficiaries in 1993, making the Social Security Administration an independent agency in 1994, and signing the Senior Citizens' Freedom to Work Act of 2000, which eliminated the earnings test for working seniors. He also sought to use budget surpluses to extend the program's solvency.
In 1983, Congress increased the full retirement age (FRA) from 65 to 67, a change phased in over the course of 33 years. For individuals who reach age 62 in 2022 or later, the FRA is now static at age 67.
Washington, D.C. – Today, the President signed into law the Social Security Fairness Act (SSFA), bipartisan legislation authored by U.S. Senators Susan Collins and Sherrod Brown (D-OH). Senator Collins attended the bill signing ceremony at the invitation of the White House.
Oct. 30, 1972: President Nixon signed the Social Security Amendments making the cost-of-living adjustment automatic each year, April 20, 1983: President Ronald Reagan signed into law sweeping changes to Social Security aimed at addressing the imminent Social Security funding gap.
“Next time a Republican tells you that 'Social Security is broke,' remind them that Pres. Bush 'borrowed' $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back”.
Which political party started taxing Social Security annuities? A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983. These amendments passed the Congress in 1983 on an overwhelmingly bi-partisan vote.
President Reagan signed major bipartisan Social Security reforms in 1983, primarily to address funding shortfalls, which included making some benefits taxable, gradually raising the full retirement age to 67, and accelerating payroll tax increases; he also signed legislation restoring minimum benefits and increasing penalties for misuse of Social Security numbers.
February 2005 – Republican President George W. Bush outlined a major initiative to reform Social Security which included partial privatization of the system, personal Social Security accounts, and options to permit Americans to divert a portion of their Social Security tax (FICA) into secured investments.
After a Conference which lasted throughout July, the bill was finally passed and sent to President Roosevelt for his signature. The Social Security Act was signed into law by President Roosevelt on August 14, 1935.
On January 5, 2025, President Biden signed the Social Security Fairness Act into law, legislation that will repeal the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
Your Social Security benefit could increase significantly under the Social Security Fairness Act, depending on your work history, with estimates showing average boosts of around $360/month (WEP-affected) to $1,190/month (GPO-affected), plus retroactive lump-sum payments back to January 2024, as the Act repealed the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) for many public servants. The exact amount varies, from small increases to over $1,000 monthly, impacting those with non-Social Security pensions, and you should receive a notice from the SSA.
In November 2025, the full retirement age (FRA) — the age at which individuals qualify to receive 100% of their Social Security benefits — increased to 66 years and 10 months for those born in 1959. FRA gradually rises month by month, so in November 2025, those born in January 1959 reached their FRA.
The extra $144 added to Social Security usually comes from the Medicare Part B Giveback benefit, offered by some Medicare Advantage (Part C) plans, which pays back some or all your Part B premium, showing up as extra money in your check if it's deducted from your Social Security. To qualify, you need Original Medicare (Parts A & B), pay your own Part B premium, live in a plan's service area, and enroll in a specific Medicare Advantage plan that offers this "rebate," with the amount varying by plan and location.
On January 10, 2013, President Barack Obama signed the Former Presidents Protection Act of 2012, reinstating lifetime Secret Service protection for his predecessor George W. Bush, himself, and all subsequent presidents. Richard Nixon relinquished his Secret Service protection in 1985, the only president to do so.
The Economic Policy Institute says privatization uses the power of the government to force workers to place some of their earnings under the control of financial institutions, like brokerages and banks, making the finance industry the one clear winner.
The poverty rate for the elderly would be four times as high without Social Security and 15 million more seniors would be left struggling to survive; About 33 percent of Americans rely on Social Security for more than 90 percent of their income. This includes 52 percent of Latinos and 45 percent of African Americans.
Meanwhile, the tax rate reduction reduced the tax payments of middle class and poor taxpayers. The net effect was a marked shift in the tax burden toward the top 1 percent amounting to about 10 percentage points. Lower top marginal tax rates had encouraged these taxpayers to generate more taxable income.
On August 14, 1935, President Franklin D. Roosevelt signed into law the Social Security Act — a monumental legislative achievement that protects our seniors, uplifts our citizens, and sustains the livelihoods of hardworking Americans who devoted their professions to bettering our country.
Social Insurance Movement
The Progressive Party platform can be seen as the forerunner of the Social Security program that TR's cousin, Franklin Roosevelt, would successfully push through Congress in 1935.
The short answer is yes. Under the current law, an individual's wealth or current income level has no impact on their eligibility to receive a Social Security retirement benefit. In other words, even if you have $10 billion in assets, you could qualify for Social Security as long as you meet the requirements.