The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
The Social Security Administration (SSA) has projected that the wage base for 2013 will increase to $113,700 ($110,100 in 2012) due to an increase in average wages. However, the projection may change slightly when the actual increase is announced in October. The projection is part of the annual report that the SSA's trustees gives to Congress each year.
As part of the report, the trustees project that the fund will be exhausted in 2033 (three years sooner than earlier projections). The report also includes the following recommendations for keeping the Social Security program solvent:
Click here to read a copy of the report. It is only 252 pages long.
These changes are very politically tough to do and it will be interesting to see what happens and when.
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