No Taxes on Social Security Benefits: New Bill

Social Security is the most popular policy in the USA.

Because millions of retirees rely on this SSI assistance.

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

As of 2022, Social Security payments are taxable.

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

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

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

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