Taxable Maximum
Tax Policy and Social Security’s Future–Two Closely-Tied Topics
Earlier this month, the White House presented its Fact Sheet on the proposed budget, part of which focuses on the premise that the spending plan Makes Wealthy People Pay Their Fair Share. Since the issue of taxation typically emerges in…
Bill Introduced to Eliminate Federal Income Tax on Social Security Benefits
Last week, Rep. Angela Craig (D-MN) introduced a House Bill intended to accomplish two tax-related objectives having an impact on Social Security. Social Security Chief Actuary, Stephen C. Goss, subsequently assessed the financial effects of the proposed Bill, noting that…
FICA Taxes Explained
Even though it’s the basis for one’s eventual Social Security benefits– retirement benefits, spousal benefits, survivor benefits, disability benefits, and so on–there are a few points relative to Federal Insurance Contributions Act (FICA) taxes that many folks do not fully understand.…
The Good News and the Bad News on 2024 Social Security Changes
Social Security beneficiaries are looking forward to the 3.2% cost-of-living adjustment and, despite its comparison to the 2023 8.7% bump, the fact that it shows evidence that the brutal inflation of the past three years may be lessening. For those…
An Argument for Uncapping the Maximum Taxable Earnings
Social Security’s looming solvency problem is, as expected, creating a groundswell of attention publicly these days, as well as an increasing focus in the 118th Congress. As a result of this heightened interest, we’re seeing a growing number of articles…