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You earned it, you keep it

Is there a possibility of seeing another increase in your monthly Social Security check besides a hefty COLA increase? What is it? According to the Social Security Administration, around 56 percent of recipients pay federal taxes on a portion of their Social Security benefits. Legislation introduced by the rep. Angie Craig (D-MN) called the “You Earned It, You Keep It Act” that would eliminate taxes on Social Security benefits. Keith Speights gives a brief overview of the bill and the changes of passing into law. Read Mr. Speights’ article here…

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Comments On This Topic

  1. I totally agree with Mike this legislation is long overdue. There is no reason to be double taxed on a benefit you earned. Congress should at least update the threshold.

  2. Taxing SS benefits started in 1984 at $25,000 for single and $32,000 for married couples. The problem with these levels was that they were never ever adjusted up with the COLA for that year. So we are using something that is based on values from near 39 years ago !!!!. That is insane. If you took the COLA raise each year since 1983 to last year and applied it to these 2 levels, taxing SS should start somewhere around $65,246 for an individual and $83,515 for a married couple. Our government never made an adjustment to a stagnant law causing the older senior citizens to overpay in taxes for nearly 39 years. This is crazy !!!

    • Mike,
      If it is any consolation, AMAC agrees with your point and has taken a formal position that, at a minimum, the thresholds at which Social Security become taxable should be adjusted for inflation. Our discussions in Washington, D.C. with members of Congress often include a recommendation to reform the law for taxation of Social Security benefits. You may wish to contact your Congressional Representative to share your view on this.
      Russell Gloor
      National Social Security Advisor
      The AMAC Foundation

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