NO tax on Social Security Benefits? The 2024 Proposed Bill
A new 2024 bill to eliminate tax on Social Security income is being discussed. How likely is it to pass and who would benefit?
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How To Calculate Social Security Tax
• How is Social Security...
Social Security PHANTOM Tax
• What is the Social Sec...
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🔑 KEY TOPICS
0:00 - Intro
1:36 - Understanding Social Security Taxation
2:33 - What This Means for Retirees
3:00 - Key Provisions From the Bill
5:34 - Impact on Solvency
7:08 - Retiree Inflation Plan
7:58 - Alternatives?
9:42 - Conclusion
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6% over 168k is a lot of money if your family is paying for high property taxes, college tuition and health insurance. Plus your marginal rate is higher. Anything to prevent an upper middle class; we are basically killing the American dream. What's strange to me is the fact that spouses get benefits even if they don't pay in.
Al Gore kept insisting "your socal security money in Safe in a Locked Box!" Yeah, about that locked box? I remember that, I started working in 1979 and the FICA,Went up from 4%? I was making $3.25 p hour!
I always thought double taxation in United States is illegal!!
Hurry up already... Retired in 2019 after 50 years of work at 66
It would put more money into the economy.
Thanks Nick!
How do most of you guys still make profit? Even with the downturn of the economy and ever increasing life standards
The bill doesn’t eliminate indirect taxes on social security income: IRMAA, ACA subsidies, and NIIT.
True!
I disagree that SS benefits everyone. If you took the 12% payroll tax and invested it, you'd come out ahead if you are a high earner.
I agree. SS is the mother of all annuities. People criticize SS, but it is a life saver for most retirees. Lot of myths about the govt looting SS and SS going broke and won’t be there in the future, etc. But without SS most retirees would live in poverty.
True. It is skewed to assist lower income families more than high earners but has helped everyone more than most realize.
Good and bad about the plan. We need a successful business man in the white house 😁
The solution (IMO) is, eliminate the taxation cap (currently at $168, 000). You have professional athletes who get 50, 80, 100 - million dollar contracts and they pay SS taxes on $168,000. 😡
Another proposal to keep Social Security solvent is to raise the combined SS tax to 17%
Not familiar with that. Do you know ow which Act or Bill this is called?
Well this won't happen because Sleep Joe is planning on raising the amount of taxes paid on ss. Read his budget they are trying to pass this month.