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Is eliminating income tax on Soc Sec a good idea?
The idea polls well and has been around for a long time. It is gaining news coverage since Donald Trump floated the idea of removing income tax on benefits altogether. But does taking income tax off Social Security benefits have a down side? Yes, says Andrew Leahey of FORBES. The idea of tax-free Social Security benefits is politically appealing, but it would be a policy mistake that would threaten the stability of both Social Security and Medicare—the very services many individuals that may be motivated by the proposal rely on. Instead, he says simple adjustments to income thresholds to reflect current economic conditions and inflation could offer a more balanced solution. Full piece here.