New bill introduced about taxes on SS income.

[cat0w]

Social Security Taxes to Change Under New Bill: Here's Who's Impacted

[GAKKIEZ]

I hate paying taxes on my Social Security!  Totally unfair since so many others aren't taxed.  I'm tired of being penalized for planning my retirement while others didn't.  I budgeted to save for retirement and always had less money to spend on extras while I was working and now I'm unfairly taxed on my income even though my total income now is based on social security, pension, and 401 plans. It's bad enough that even my social security shorted me since I receive nothing from my ex-spouse benefits because I was a high-earner.  Just another example of planning and doing what's right and you still get taken!  I even have taxes taken out of my monthly benefits to offset the taxes I will owe at the end of the year.  So much for that, I still receive less than half of that as a refund.  I still have expenses too!  

I really hope the "no tax on Social Security benefits" passes along with the Trump era tax cuts being made permanent.

At least I have a health insurance policy that I am able to recoup a repayment of my Medicare Premium every year.  (Again, I just put it in savings account just "in case" I might need the extra income.)

[WebWiseWoman]

Perhaps you should have identified US Armed Forces whose only choice was to be double-taxed as those admins chose to tax you and your family. How can we fix this? This President won't; he knows NOTHING ABOUT MILITARY SERVICE OR THE SACRIFICES THESE FAMILIES MAKE.

[GailL1]

@cat0w 

Well that isn’t as bad as completely eliminating the taxes on benefits but it will still short the Trust Fund.  In 2023, Trust Fund data shows 50 BILLION was collected from taxes on benefits.

I bet some people here will still want MORE.  

[cat0w]

I'll continue to pay taxes on SS because of my income. If the Trump tax cuts are not made permanent, then I'll pay more there too.

I did alright on my taxes for 2024. I filed my taxes on Monday, Feb. 3rd and had my refund in the bank on Friday morning, Feb. 7th.

[GailL1]

REFUND - what is that?  🤓

With these new proposed parameters, I wonder how many people this will eliminate in paying taxes on their benefits?