Reagan Archives - Marketplace

Lawmakers managed to fix Social Security in the 1980s. But those fixes won't work a second time.

by Kimberly Adams

Jun 28, 2024

The Social Security program is on track to burn through its savings account by 2035 unless Congress changes the law before then. Social Security faced a similar funding crisis in the early 1980s.

Some of the fixes used in 1983, like exposing benefits to taxation, were one-time solutions. Congress will have to agree on more ways to increase funding before the 2035 deadline comes around.

Justin Sullivan/Getty Images

LISTEN

EMBED

The history of income tax's standard deduction is more interesting than you think

by Aaron Schrank

May 9, 2017

We look back at the creation of the standard deduction, which President Trump is looking to double.

In 1944, the income tax system was getting pretty complex, so Congress created the standard deduction. Above, piles of tax forms are on display at a public library.

Tim Boyle/Getty Images

LISTEN

EMBED

Loading...

Reagan

Lawmakers managed to fix Social Security in the 1980s. But those fixes won't work a second time.

HTML EMBED:

Subscribe Using:

The history of income tax's standard deduction is more interesting than you think

HTML EMBED:

Subscribe Using:

Loading...

Lawmakers managed to fix Social Security in the 1980s. But those fixes won't work a second time.

HTML EMBED:

Share Now on:

Subscribe Using:

The history of income tax's standard deduction is more interesting than you think

HTML EMBED:

Share Now on:

Subscribe Using:

Subscribe to Marketplace Newsletters: