Today we’re talking about the new proposal to eliminate the taxes on Social Security Benefits.
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⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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The repeal of taxes on Social Security is a long-awaited move that has been finally implemented. For years, many have been calling for the elimination of taxes on Social Security benefits, arguing that it’s unfair to tax seniors who have already contributed to the program.
The new legislation, which was signed into law on December 20th, 2019, eliminates the tax on Social Security benefits for retirees making less than $100,000 a year. This means that millions of seniors across the country will no longer have to pay taxes on their Social Security benefits.
Before the repeal of taxes on Social Security benefits, retirees making more than $25,000 a year or couples making more than $32,000 were required to pay taxes on up to 85% of their Social Security benefits. This created a financial burden for many seniors, who were already struggling to make ends meet.
The elimination of this tax is a huge win for retirees, who rely on their Social Security benefits to pay for their living expenses. According to the Social Security Administration, nearly two-thirds of retirees rely on Social Security for more than half of their income.
The repeal of taxes on Social Security benefits will also help to boost the economy, as seniors will have more money to spend on goods and services. This will create jobs and stimulate economic growth, benefiting both retirees and the broader community.
Critics of the repeal argue that it will lead to a loss of revenue for the government, which could lead to cuts in other programs like Medicare and Medicaid. However, supporters argue that the elimination of this tax will not have a significant impact on the government’s revenue, as the majority of retirees making less than $100,000 a year don’t pay taxes on their benefits.
Overall, the repeal of taxes on Social Security benefits is a positive move that will benefit millions of seniors across the country. It will provide much-needed relief for retirees, stimulate economic growth, and help to reduce financial stress among seniors who are struggling to make ends meet.
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In 1941, the Bureau of Internal Revenue ruled that social security could not be taxed. In 1980s that changed. The LOGIC of that change and its later iterations is somewhat confusing. If there is a minimum amount of money that people have been determined to need for survival (and are told that they really need more) why is the government taking any of that MINIMUM AMOUNT of money away?
first taxes was paid when you worked for the money
Can we work no limit????
MISSOURI TEACHERS BEWARE: Social Security will STEAL your benefits….especially….your SURVIVOR BENEFITS! Repeal: WEP & GOVERNMENT PENSION OFFSET. HR 82. S 1302.
Temporary taxing is what we were sold in1981 ! I paid taxes on this once, how they get any with this is by betting the .citizens have not read the Constitution 100% through! The taxation’s are a huge deal!
Why has this bill not moved forward? Was it just brushed aside?
With this change, would the employer’s contribution FICA be taxable / not deductible (to the employer)?
Government bastards!
The thing is it wS part of my wages ( what company paid towards tax on my aggreed wGes x, so it was paid. Fucking cheating basterds.
From 4 years old to 17 my dad likely drew ss on my work history, it was not calculated into all my years of working.
Child labor, I was just a slave, and the gov continues to keep sucking .
Hope to hear more on this subject
Tax on ss benefits goes back to the SS trust fund. A really bad idea when the ss trust fund is going to run out of money.
I believe that once you hit 65 you should pay no taxes. I don’t care how much money you have. Rich or poor we give more money away to foreign Countries then to the American retirees
I have to see it to believe it because our government is always taxing everyone for one thing or another
The real rub, is FICA taxes and income taxes on earned income after collecting social security. The additional FICA does not increase benefits to any great extent
Biden was the one who made sure Social security wastaxed
PRESIDENT CLINTON STOLE 3 TRILLION FROM THE SOCIAL SECURITY TRUST FUND. NOW, IS IT NOT STRANGE THAT THEY ARE RUNNING OUT OF MONEY???
If Congress is not going to eliminate taxes on social security benefits, they should at least inflation-adjust the income thresholds annually.
I thought the reason SS is struggling is because the Republicans keep dipping into OUR money. We get screwed coming and going.
I think your analysis is spot on, and I would benefit if SS was not taxed. This proposal is likely dead on arrival.
Nobody should pay taxes on SS. I earned a higher benefit by working massive amounts of overtime, weekends, holidays, swing shift, more than one job, etc.
Low income earners are robbing the system and higher wage earners are used to make up the difference.
I wish SS would be a volunteer program. Although some do, I don't need the government managing my money.
Note it's only a proposal…for all that it should be the law. Since when is it alright to get taxed when you already paid taxes to get it?