Tax Archives - Page 7 of 7 - DR News - News, Retirement, Finance

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 …

Senior Tax Cut Legislation Introduced by Minnesota Democratic Congresswoman

Minnesota Democratic Congresswoman Angie Craig recently reintroduced legislation to eliminate federal taxes on Social Security benefits for seniors. The bill, called the “You Earned It, You Keep It Act,” aims to extend full benefits for two decades and reduce the federal debt by a substantial amount, according to the analysis it cited. The Act, brought forth by Craig in August 2022, proposes to be funded by raising the Social Security payroll tax cap so that …

Republicans Outraged Over Leaders Backing Bipartisan Tax Deal

Washington, D.C. – House Republicans are expressing frustration and anger as party leaders throw their support behind a bipartisan tax deal. The deal includes an expansion of the child tax credit, a move that is causing concern among some Republicans. The proposed changes to the child tax credit and the potential impact on families are also being discussed. Speaker Johnson has announced his intention to bring the bipartisan tax package to the House floor, signaling …

Stock Market Surge Could Increase Tax Burden for Retirees, Experts Warn

The surging stock market in New York, NY could spell trouble for some retirees as it may push them into a higher tax bracket, according to experts. As the S&P 500 index soared by 24 percent at the end of the year, it offered a welcome boost for many 401(K) accounts but posed potential problems for retirees who rely on their nest eggs for daily expenses. The issue, experts caution, is that older Americans are …

Social Security Recipients Still Facing Tax Hikes after 8.7% COLA Increase in 2024

SANDUSKY, OH – Social Security beneficiaries are experiencing a mixed bag this tax season. While many are seeing larger monthly checks due to a recent cost-of-living adjustment (COLA), a surprising number are finding out that they will now have to pay taxes on those benefits, a situation they have never encountered before. A survey conducted by The Senior Citizens League revealed that during the 2023 tax season, 23% of participants who had received Social Security …

Social Security Tax Elimination Bill Proposed to Ease Financial Burden on Seniors

Shakopee, Minnesota – As senior citizens face challenges related to their finances, U.S. Representative Angie Craig has introduced a new bill called the “You Earned It, You Keep It Act”, aimed at eliminating the federal tax on Social Security benefits. With many seniors having to make tough decisions on their limited budgets, the legislation is designed to provide more financial relief to those on fixed incomes. This move comes as retired individuals like Sally Hokkanen …

Social Security Advisor Answers IRS Tax Questions Regarding 401K Withdrawal Timing

Riviera Beach, Florida – A reader from Riviera Beach, Florida, has reached out to inquire about the implications of cashing in on their 401(k) before reaching full retirement age. With September 2024 marking the date of their full retirement age, the reader is concerned about potential tax liabilities and impacts on their Social Security benefits. Seeking to ensure that their financial decisions do not adversely affect their Social Security benefits, the reader is working part-time …

Retirees Learn How to Navigate State and Federal Tax on 2023 Income and Social Security Benefits

Washington, D.C. – As the holiday season comes to an end, Americans are now turning their attention to the less exciting tax season. For many workers, filing taxes is a straightforward process. However, for retirees, navigating tax season can be more complex, especially when it comes to tax-deferred retirement income and Social Security benefits. Many retirees will have to pay taxes on their tax-deferred retirement income and any income from a job. Additionally, they could …