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Trump’s Plan to Eliminate Federal Income Tax on Social Security Benefits Rings Big With Many
Despite its impact on Social Security’s precarious financial position, Presidential candidate Donald Trump struck a positive chord with Wall Street Journal poll participants with this idea. 83% of those polled favored the move–a tax that impacts about half of all beneficiaries, up from about 10% when the provision was enacted as part of the 1983 amendments. Read a full analysis (click here) of the income tax issue and other tax-related recommendations currently in discussion posted on Yahoo.com’s Finance page by reporter AJ Fabino.
The Association of Mature American Citizens (AMAC), in its Social Security Guarantee (SSG) proposal aimed at preserving and modernizing Social Security in line with 21st-century economics, is an example of organizations that support the tax elimination proposal. As a compromise, AMAC’s proposal also suggests an increase in the thresholds for taxation. These thresholds were originally implemented as part of the 1983 amendments and have never been adjusted to account for inflation since that time. Read about AMAC’s SSG here.