This was increased from ~10% to 12.4% in 1983 under the Reagan Administration. The extra funds weren't paid to beneficiaries: they were intended to build up a t

This was increased from ~10% to 12.4% in 1983 under the Reagan Administration. The extra funds weren't paid to beneficiaries: they were intended to build up a trust fund for future generations, but they were instead borrowed by the government for general spending, and to mask the effect of Reagan's tax cuts.