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Social Security for 50 Million Workers and Future Pl ans
President Truman aims to extend social security coverage from about 30 million to over 50 million workers, expanding benefits for retirees and dependents. The 1935 act funds insurance through a 1 percent payroll tax on wages up to set caps, with employers contributing equally. The plan targets those not yet covered such as farmers, self employed, domestic workers, and certain nonprofit workers, and proposes higher payroll tax and broadened wage bases to fund larger future benefits.
MENTIONED IN THIS ARTICLE
James ‘Arlow Washington
Truman
Congress
Social Security
Red Cross