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SOCIAL SECURITY LAW: Legislator Warns of Social Security Insolvency in 27 Years

November 29, 2010

Washington, D.C. – Pennsylvania Representative Mark Critz has warned of Social Security insolvency within 27 years, reports said.

The Social Security and Medicare trustees’ annual report said that the SS trust fund will come to insolvency in 27 years if the government will not make clear fixes.

According to report, income taxes will only be able to pay 75 percent of the SS claims based on the current fund.

A presidential debt commission has proposed increasing taxes among higher wage-earners and raising the full retirement age requirement to solve fund deficit.

Critz also campaigned against the privatization of Social Security. He asserted that the federal government is supposed to help citizens who are in the poverty line through SS programs.

Legislators are still debating whether to extend President Bush's tax cuts beyond December 2010. Democrats have campaigned for making such tax cut permanent for families who have less than $250,000.

Republicans have contested the tax cut extension and asserted that only wealthier taxpayers be subjected to such toil.

The government has projected a $678 billion-dollar increase in the SS fund for 10 years.

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