President Donald Trump's Plan to End Social Security Benefit Taxation Would Solve 1 Problem While Exacerbating Another
You pay Social Security taxes throughout your career so you can enjoy guaranteed monthly checks in retirement. But when you retire, you could have to pay taxes on a portion of your benefits, too. It's a major pain point for seniors, many of whom don't have a lot of personal savings to supplement their checks.President Donald Trump has asserted his belief that seniors shouldn't pay Social Security benefit taxes, and there are plenty of retirees who feel the same. There's a bill in the House now that, if passed, would completely eliminate the tax, providing significant gains to many seniors. But there's a hidden cost that can't be ignored.Image source: Getty Images.Continue reading
You pay Social Security taxes throughout your career so you can enjoy guaranteed monthly checks in retirement. But when you retire, you could have to pay taxes on a portion of your benefits, too. It's a major pain point for seniors, many of whom don't have a lot of personal savings to supplement their checks.
President Donald Trump has asserted his belief that seniors shouldn't pay Social Security benefit taxes, and there are plenty of retirees who feel the same. There's a bill in the House now that, if passed, would completely eliminate the tax, providing significant gains to many seniors. But there's a hidden cost that can't be ignored.
Image source: Getty Images.
