New Bill Would Eliminate Federal Taxes on Social Security Benefits

A great deal of thought goes into planning for retirement. For most, it means determining their sources of retirement income. And for 97% of older adults who either receive Social Security benefits or will receive them, Social Security is a critical part of planning. Unless Congress takes action, the Social Security trust fund will be depleted by 2034, causing the program to slash benefits by 19%. Earlier this month, Sen. Ruben Gallego, D-Arizona, introduced a bill called the You Earn It, You Keep It Act. In April, Rep. Angie Craig, D-Minnesota, introduced a House version of the bill. If it can gather enough support, the bill will permanently eliminate federal income taxes on Social Security benefits. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool