No Taxes on Social Security Benefits: New Bill

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Social Security is the most popular policy in the USA.

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Because millions of retirees rely on this SSI assistance.

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An honest resident who worked hard and obeyed the rules should get dignity after retirement.

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As of 2022, Social Security payments are taxable.

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Because now the retirees pay the taxes on combined income using this formula.

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Combined Income = Adjusted Gross Income (AGI) + Nontaxable Interest + 1/2 of Social Security benefits.

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If the amount is above $25000 for a single filer and $32000 for married filers who file jointly, they have to pay tax.

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Now it is proposed to raise the cap on Social Security payroll taxes from $147,000 to $250,000.

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