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Taxation of Social Security Benefits–Why, and what’s the problem?
Having Social Security benefits subject to income tax comes as a shock to many folks entering retirement, and it’s generally viewed as a form of “double taxation,” since the benefits are actually based on earnings that you already paid taxes on once. AN article posted today on The Motley Fool website by Sean Williams provides some background on the origin of the tax provision, and an explanation of how a lack of indexing of the thresholds is causing a growing problem for seniors. Read Williams’ article here…