Many Americans saw a slight increase to their paychecks during 2011 due to a one-year reduction to the Social Security tax. Congress recently agreed to a two-month extension of the tax cut, which reduces the Social Security tax rate to 4.2 percent from the original tax rate of 6.2 percent. But not all Americans are happy about this development. Disabled Americans fear that they will be the ones to pay the the price for the tax cuts.
Since Social Security is funded by payroll taxes, it is an earned benefit that many believe should be protected against the financial decisions of Congress. Although general revenue funds have been used to replenish the Social Security Trust Fund for the funds lost by payroll tax cuts, some fear that financing the Social Security program through general revenues puts the Social Security Disability program in jeopardy because it would have compete with other programs, such as defense and education, for funding sources.
Some also fear that extending the tax cuts poses a risk of a permanent reduction of the Social Security tax rate from its original rate of 6.2 percent since no politician will risk the political backlash of raising taxes on working Americans.
The Social Security Disability program currently provides benefits – through Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI) – to individuals who are unable to work due to a medical impairment that has lasted, or is expected to last, 12 months. The Chicago social security disability attorneys at Ankin Law Offices, LLC focus on helping clients throughout the entire social security disability application process. Contact us at (312) 600-0000 to schedule a free consultation with one of our knowledgeable Chicago SSDI and SSI attorneys to learn more about the availability of social security disability benefits.