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Is it true that Social security checks are going to be renamed to Federal benefit checks

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stevehenning

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It's true that Social Security retirement payments are classified as "federal benefit payments." The word "benefits" has been applied to Social Security retirement payments since the Social Security program was enacted in the 1930s. The terminology is also not unique to Social Security, as the phrase "federal benefit payments" applies to a broad class of payments made to (or on behalf of) individuals under federal government programs - everything from Social Security Disability Insurance to Medicare to farm subsidies are considered "federal benefit payments." The fact that workers themselves contribute much of the money that goes into the Social Security retirement fund doesn't affect its classification as a benefit. They benefit the person who cashes the check.

Posted on Feb 18, 2015

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Is Social Security now called Federal Benefit Payment ?

Hello, Manfred -

Read this article from the Florida Times-Union (newspaper, Jacksonville, Fla.):
http://www.jacksonville.com/reason/fact-check/2015-01-30/story/fact-check-viral-email-cashing-fear-when-it-comes-social-security

The article debunks a viral email that is going around.

Best wishes.
Feb 11, 2018 • Finance
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Who made Social Security benefits taxable?

Q3. 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.
The basic rule put in place was that up to 50% of Social Security benefits could be added to taxable income, if the taxpayer's total income exceeded certain thresholds.

The taxation of benefits was a proposal which came from the Greenspan Commission appointed by President Reagan and chaired by Alan Greenspan (who went on to later become the Chairman of the Federal Reserve).
The full text of the Greenspan Commission report is available on our website.
President's Reagan's signing statement for the 1983 Amendments can also be found on our website.
A detailed explanation of the provisions of the 1983 law is also available on the website.
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[PDF]Conference Statements - Social Security


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