President Trump's Plan to Eliminate Social Security Benefit Taxes Would Save the Wealthy Thousands Per Year. Here's How Much the Average American Would Benefit
You pay Social Security taxes throughout your career, so it can feel a little unfair if you have to pay taxes on your benefits in retirement. But that's the reality an increasing number of retirees face. It's a major pain point, particularly for those who don't have a lot of personal savings to supplement their checks.President Trump's campaign promise to eliminate Social Security benefit taxes struck a chord with a lot of retirees, and it may soon become a reality. Rep. Thomas Massie (R-Ky.) recently introduced the Senior Citizens Tax Elimination Act to the House, which would exempt Social Security benefits from federal taxation. We don't yet know if it will pass, but there's already some data about the potential tax savings floating around -- and it might surprise you.Image source: Getty Images.Continue reading
You pay Social Security taxes throughout your career, so it can feel a little unfair if you have to pay taxes on your benefits in retirement. But that's the reality an increasing number of retirees face. It's a major pain point, particularly for those who don't have a lot of personal savings to supplement their checks.
President Trump's campaign promise to eliminate Social Security benefit taxes struck a chord with a lot of retirees, and it may soon become a reality. Rep. Thomas Massie (R-Ky.) recently introduced the Senior Citizens Tax Elimination Act to the House, which would exempt Social Security benefits from federal taxation. We don't yet know if it will pass, but there's already some data about the potential tax savings floating around -- and it might surprise you.
Image source: Getty Images.
