End Social Security Benefit Taxation, Revise High-Earner Contributions
This act eliminates income taxation on Social Security benefits, meaning retirees and beneficiaries will no longer pay income tax on these payments. It also changes how Social Security contributions are calculated for high-income earners, potentially affecting their future benefits. Social Security trust funds will be protected from revenue loss due to the elimination of benefit taxation.
Key points
Social Security benefits (retirement, disability) will no longer be subject to income tax, increasing the net amount received by beneficiaries.
Individuals earning over $250,000 annually will contribute Social Security taxes on their entire earnings, not just up to the current cap.
Earnings above $250,000 will be included in the calculation of future Social Security benefits, potentially increasing benefits for high-income earners.
Social Security trust funds will be reimbursed from the Treasury for any revenue reduction caused by the repeal of benefit taxation.
Expired
Citizen Poll