Social Security benefits can be taxed at both federal and state levels, adversely affecting low-income retirees who rely heavily on these funds.
Income thresholds for taxing Social Security benefits are extremely low, catching many retirees by surprise and resulting in financial strain for those with minimal savings.
Eliminating taxes on Social Security benefits could provide immediate relief for seniors, but risks causing long-term problems and potentially accelerating the program's insolvency.
Many retirees are unaware that they may owe taxes on their Social Security benefits, which can significantly impact their already limited retirement income.
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