Social Security Tax Cut Unlikely in New Bill
Many older Americans may not see a tax break on their Social Security benefits anytime soon. A proposed tax bill isn't expected to change the way these benefits are taxed. This means that a significant number of retirees will continue to pay taxes on a portion of their Social Security income. This issue affects more and more people as the senior population grows.
A potential tax cut for Social Security benefits appears unlikely in the latest tax bill being considered. Currently, many retirees pay taxes on a portion of their Social Security income, depending on their overall income level. While some lawmakers have expressed interest in reducing or eliminating these taxes, the current bill does not include provisions to do so. Experts say that changing the tax treatment of Social Security would have a significant impact on the federal budget, making it a difficult political issue to address. As the number of Americans receiving Social Security continues to rise, the debate over taxing these benefits is likely to continue.
Source: Read the original article at CBS