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CBO Explores Tax Change for Social Security Benefits
Large federal budget deficits are looming, no secret about that. And in exploring ways to deal with the problem, the Congressional Budget Office is taking a look at various ways to bolster revenue, and one has to do with changing the tax laws pertaining to Social Security benefits. One such potential change would be to treat Social Security benefits in a manner similar to taxation of pensions and deferred compensation plans (e.g., IRAs, 401ks, etc.) In other words, the Social Security benefits would be treated as ordinary income, without regard for total adjusted gross income levels. Read more about this here…
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