Exploring the Impact of the “No Tax on Social Security Benefits” Pledge - Yahoo.com
The 2024 Presidential Election cycle is in its closing weeks, and one issue that has received considerable attention is the question of taxation on Social Security benefits. From assessing payroll taxes on tip income to eliminating Social Security benefits from the calculation of income tax liability, the subject may now have become a pivotal issue among some voting blocks.
A Bensinga.com article posted over the weekend on Yahoo.com’s Finance examines some of the details behind these emerging campaign strategies, including quotes labeling the elimination of Federal Income Tax on Social Security benefits “revolutionary” and “transformative.” The article digs into what such a move would mean to Social Security’s long-term solvency problem and the merits of targeting tax elimination based on income levels. Perhaps a good summary quote is the article’s assertion that the campaign rhetoric tends to “highlight the intricacies of balancing tax cuts for seniors with the provision of crucial services like Social Security or Medicare,” the latter point likely being the impact on the financial health of these two critical support areas.
Read the full article here.