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Without benefit cuts, the SSA would need to increase taxes by 25%. Increasing the payroll tax to 7.75% (up from its current 6.2%) for workers and employers would eliminate the shortfall, according ...
As Think Advisor noted, the proposed legislation would keep the trust fund solvent by expanding Social Security payroll taxes to wages above $250,000. In 2024, taxes are imposed only on income up ...
A new bill making its way though Congress is pushing for an end to federal taxes being taken out of Social Security benefits, starting in 2023. Proposed by Rep. Angie Craig (D.-Minn.), the You ...
As expected, Social Security recipients will be getting a 3.2% cost-of-living adjustment (COLA) in 2024 — the lowest COLA since 2021, and well below this year’s 8.7% adjustment. The Social ...
Under the 1983 amendments to Social Security, a previously enacted increase in the payroll tax rate was accelerated, additional employees were added to the system, the full-benefit retirement age was slowly increased, and up to one-half of the value of the Social Security benefit was made potentially taxable income.
Social Security recipients who have to pay federal income taxes on their benefits got a ray of hope last fall when a bill was introduced to the U.S. Senate that aimed to begin a total phaseout of ...
The Old Age and Survivors Insurance (OASI) trust fund reserves that cover Social Security benefits -- in part, for roughly 57 million Americans -- is currently on track to be depleted by 2033,...
Protecting private retirement accounts has taken on added importance in recent years amid concerns about the future of Social Security, which also provides a big source of retirement income for ...