'Win-win': Bill to eliminate taxes on Social Security benefits reintroduced [View all]

[Omaha Steve]

https://www.msn.com/en-us/money/retirement/win-win-bill-to-eliminate-taxes-on-social-security-benefits-reintroduced-it-would-also-extend-the-program-s-shelf-life-by-20-years-here-s-what-you-need-to-know/ar-BB1hUXS9

Story by Serah Louis • 3d

A recently reintroduced bill in the U.S. House could scrap federal taxes on Social Security benefits starting in 2025, putting more money back into the pockets of retirees.

On Jan. 25, Rep. Angie Craig, D-Minn., reintroduced legislation, dubbed the “You Earned It, You Keep It Act,” that would repeal the taxation of Social Security benefits, while also extending the program's solvency by 20 years.

“This bill is a win-win — it's a tax cut for seniors and a way to ensure more Americans can depend on the Social Security benefits they’ve earned,” Craig said in a press release.

Here’s how the bill would work.

How it will be paid for
Folks with a combined income — which includes your adjusted gross income, plus nontaxable interest, plus half of your Social Security benefits — of $25,000 or more (and couples filing jointly with a combined income of $32,000 or more) currently pay taxes on at least 50% of their benefits.

According to the Social Security Administration, about 40% of people who receive Social Security benefits end up paying taxes on them each year. This is a major source of revenue for the Social Security Old-Age and Survivors Insurance Trust Fund.

FULL story at link above.

Because of this story, I gave $5 to Rep. Angie Craig's ActBlue page: https://secure.actblue.com/donate/angie-craig-2?refcode=directory