Does Trump’s Plan to end Taxes on Social Security Benefits Make Sense? - MSN
Income taxes paid on Social Security benefits are an important source of revenue for the Social Security Trust Fund. As much as President Trump would like to alleviate this burden on Social Security recipients, Social Security can not afford to lose this revenue stream. The trust fund has already taken a hit with passage of The Social Security Fairness Act. Eliminating taxes would move the insolvency date even closer. Maurie Backman for MSN explains here…
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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