Social Security Report

How soon will taxes be eliminated? - Detroit Free Press

One of the biggest surprises for newly retired individuals is that they may have to pay federal taxes on their Social Security benefits. The Social Security Administration states, “About 40 percent of people who get Social Security have to pay income taxes on their benefits.” During the election campaign, the incoming administration promised to eliminate taxes on Social Security benefits, but can he do it the first day he takes office? According to tax professionals, the earliest chance for Congress to eliminate taxes would be if it is part of a major tax bill introduced in 2025 budget reconciliation procedures. Susan Tompor reports on how the new administration could eliminate taxes on Social Security. Read Ms. Tompor’s article here…

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