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Call it What You Will, But It’s Still an Income Tax …
… and a steadily increasing one, at that! We’re talking, of course, about the simple fact that many–make that most–Social Security beneficiaries pay federal income tax on their retirement benefits. As Nerdwallet’s Liz Weston points out, married couples with combined incomes exceeding the thresholds which haven’t been adjusted for decades are subject to income tax on up to 85% of their benefits. It’s clearly a form of double taxation, and the lack of indexing of the thresholds basically insures that it will steadily grow…”a sneaky way of boosting taxes,” as Ms. Weston notes in her post. Continue reading here…
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