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Social Security Tax Reform Act Offers Potential Relief for Retirees in 2026

Washington, D.C. – A proposed bill to eliminate federal taxes on Social Security retirement benefits is making its way through Congress, offering potential relief for retirees as early as next year. The bill, known as the You Earned It, You Keep It Act, is being championed by Minnesota Rep. Angie Craig, who touts it as a “win-win” for seniors and American workers. The bill’s provisions aim to end the federal income tax on Social Security …

Retirement Relief Bill Would Eliminate Federal Tax on Social Security

WASHINGTON, D.C. – A proposed bill could potentially bring relief to retirees by eliminating federal taxes on Social Security retirement benefits beginning in 2025. The “You Earned It, You Keep It” Act, introduced by Minnesota Representative Angie Craig, aims to alleviate the burden on seniors and ensure the stability of Social Security benefits for future retirees. The bill’s provisions could potentially extend the solvency of the Social Security program through 2054, according to analysis by …

Social Security beneficiaries could see tax relief as proposed bill to extend trust fund gains momentum

A proposed bill introduced by U.S. Reps. Angie Craig and Yadira Caraveo aims to alleviate the tax burden on Social Security beneficiaries and extend the solvency of the program’s Old Age and Survivors Insurance (OASI) Trust Fund. The bill, known as the “You Earned, You Keep It Act,” seeks to eliminate federal taxes on Social Security benefits and delay the exhaustion of the OASI Trust Fund until 2054. Under the proposed legislation, Social Security payroll …

Nuanced Perspective on the U.S. Retirement System: Economist Argues Against Ending 401(k) Tax Breaks

WASHINGTON, DC – A recent proposal to end tax breaks for workplace retirement plans and IRAs in the U.S. has sparked a heated debate among economists and researchers. The proposal, put forth by prominent policy researchers Alicia Munnell and Andrew Biggs, suggests redirecting the newfound revenue to fund Social Security as the program faces insolvency. The argument is that these accounts primarily benefit the wealthy, while lower-income Americans rely heavily on Social Security to avoid …

401(K)s Tax Breaks Favored by Right, Abandoned by the Left as Plan to Plug Social Security Shortfall

Boston, MA – Tax benefits on retirement plans could be facing potential changes, as a new report claims that these benefits primarily advantage the wealthy. The report suggests that axing these tax benefits and redirecting those funds to Social Security could help bridge the shortfall in payments. According to a report co-authored by Alicia Munnell, a former assistant Treasury Secretary under President Clinton, and right-leaning economist Andrew Biggs, the current tax breaks on 401(K) and …

Social Security Tax Elimination Bill Would Extend Program Shelf Life in a ‘Win-Win’ Situation

Sen. Shelley Capito (R-WV) and Sen. Ben Cardin (D-MD) have reintroduced a bill in the United States Senate that aims to eliminate federal income taxes on Social Security benefits. The proposed legislation, known as the “Senior Tax Halt Act,” is not only designed to provide relief to retirees and seniors but also to extend the shelf life of the Social Security program. The bipartisan effort has been praised by advocates for seniors and retirees, who …

Secure 2.0 Provides A Limited Federal Match On Contributions Made By Lower-Income Retirement Savings

There may soon be a new incentive for low- and middle-income folks to save for retirement. Under a provision in a legislative plan known as “Secure 2.0” — which is part of an omnibus appropriations package that passed the Senate on Thursday and awaiting a vote in the House — a retirement “saver’s match” would be introduced, thereby altering how a current tax credit operates.

Retirement Plan Tax Incentives Raises Debate over Social Security’s Future

WASHINGTON, D.C. – A thought-provoking analysis has sparked a debate among retirement policy experts regarding the fairness and effectiveness of the U.S. retirement savings system. The analysis, published by the American Enterprise Institute, delves into the issue of whether tax incentives for saving in retirement plans disproportionately benefit higher-income Americans and if reallocating these incentives could improve Social Security’s financial standing. The analysis suggests that repealing tax incentives for retirement plans could yield significant new …

Social Security Benefits Tax: How 12 States Will Affect Your Retirement Paycheck

Los Angeles, California – Many retirees rely on Social Security benefits as a crucial source of income in their retirement years. However, it’s important to be aware of the potential taxes that may be owed on these benefits at both the federal and state levels. The amount of taxes owed can vary depending on the retiree’s total household income and state of residence. Minimizing taxes on Social Security benefits can significantly impact a retiree’s overall …

Social Security Tax Cut Bill Introduced by Democratic Representative Angie Craig

Minnesota Democratic Representative Angie Craig has reintroduced legislation aimed at eliminating federal taxes on Social Security benefits for seniors. The bill, known as the You Earned it, You Keep it Act, is designed to extend full benefits for two decades and reduce the federal debt by a significant amount, according to the analysis it cited. Initially introduced in August 2022, the bill would be funded by raising the Social Security payroll tax cap so that …