However, Congress is unlikely to approve changes to Social Security tax law in the near future. And if the federal government did stop taxing benefit income, that seemingly positive change would come with a majo
Daniel Patrick Moynihan (D) of New York, a leading expert and influential voice on Social Security reform, proposed changes March 16 that would allow workers to invest money in a personal savings account. "It's gone from being a third rail to something that is highly talked about," Sanford...
Senate this week, and is now headed toward possible passage on Friday, with the clock ticking and only days left in the current session of Congress. Senators on Wednesday voted 73-27 to approve a motion to move forward with consideration of the Social Security Fairness Act, and then on ...
And so in 1983 Congress established a Social Security benefit rule called the Government Pension Offset (GPO). The GPO reduces the Social Security spousal supplement paid to a retiree with a non-covered pension by two thirds of the pension’s amount. …the Social Security Fairness Act would re...
Potential Social Security benefit changes Potential changes in Social Security benefits could impact millions of Americans02:37 Legislation to expand Social Security benefits to millions of Americans cleared two procedural hurdles in the U.S. Senate this week, and is now headed toward possible passage...
“I’m calling for no tax on tips, no tax on overtime and no tax on Social Security benefits for our great seniors,” Trump said in an address to a joint session of Congress on March 4. More beneficiaries are getting taxed on their benefits than ever before ...
at least not yet. The privatization of Social Security, as once proposed by the Junior Bush, is currently on the backburner. While I like the idea of deferring my contributions into a 401(k) style account that I can manage and grow, I can’t see this one being an option under the ...
A fix is clearly needed to avoid a reduction in Social Security benefits when thetrust funds run out of money. Many solutions have been proposed to ensure that Social Security that remains solvent. Congress may opt for some combination of measures when it tackles the issue. ...
Social Security’s tax rate and benefits are set by law. So to tweak them, Congress must first change the law, and the president then needs to sign it.“While a president does not have legislative power, he has a lot of influence to introduce and push for large-scale changes,” says ...
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