Should We Eliminate Taxes on Social Security Benefits? A Discussion on the House Tax Bill H.R. 904

Should We Eliminate Taxes on Social Security Benefits? A Discussion on the House Tax Bill H.R. 904

Key Points Income tax on Social Security benefits for individuals earning over $25,000 began under President Ronald Reagan and Alan Greenspan in 1983 to help cover the shortfall in the Social Security trust fund.   Reagan’s tax on Social Security was capped at 50% of combined income, while Bill Clinton increased the maximum to 85% in 1993. Inflation and rampant Congressional overspending has only increased the trust fund shortfall. President …

How Social Security Benefits are Taxed and Tips to Plan Ahead - CEOWORLD magazine

Social Security is the foundation of the American retirement plan. It was not always meant to be that way, and it may not always stay that way, but for now, it is. In 2025, an average of 69 million Americans per month will receive a Social Security benefit, totaling roughly $1.6 trillion in benefits paid […] The post How Social Security Benefits are Taxed and Tips to Plan Ahead appeared first on CEOWORLD magazine. Copyright CEOWORLD magazine 202…