The Surprising Reason You Might End Up With Less Social Security
Briefly

from 24/7 Wall St.1 month ago
Many seniors are caught off guard when they realize that their Social Security income is subject to federal taxes. The income thresholds for these taxes haven't changed in decades, leaving millions facing unexpected tax liabilities.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/20/the-surprising-reason-you-might-end-up-with-less-social-security/
The federal tax on Social Security benefits is based on combined income, which includes adjusted gross income and half of the annual Social Security benefit. For singles, this means taxes kick in at a combined income of $25,000.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/20/the-surprising-reason-you-might-end-up-with-less-social-security/
President-elect Trump has proposed eliminating taxes on Social Security benefits, but with the program's financial troubles, this proposal may not be feasible, leaving current tax structures in place.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/20/the-surprising-reason-you-might-end-up-with-less-social-security/
About 40% of individuals collecting Social Security benefits currently face federal taxes on those benefits due to outdated income thresholds that have not been adjusted for inflation or wage growth.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/20/the-surprising-reason-you-might-end-up-with-less-social-security/
Read at 24/7 Wall St.
#social-security #taxes #fiscal-policy #senior-citizens #economic-policy
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