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Bush Plan Cuts Middle Class Social Security Benefits
Bush Plan Cuts Middle Class Social Security Benefits
May 3, 2005
According to a study released yesterday by the Center on Budget and Policy Priorities, the President's new Social Security proposals cut middle-class and survivor benefits significantly. Here's a summary of the main points of the report:
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The benefit reductions for average earners would be the largest in Social Security's history.
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The benefit reduction for middle-class workers would be large.
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All workers with income above $20,000 today would be subjected to benefit reductions.
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Social Security survivor benefits would be cut by the same magnitude. How disability benefits would be affected is unclear.
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For many workers, cuts would be deeper than if no action were taken and Social Security became insolvent.
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