New Bill To Make Social Security TAX FREE | You Earned it, You Keep It

New Bill To Make Social Security TAX FREE | You Earned it, You Keep It
Dave Zoller, CFP®
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[@1elk]

The Government should have No right to tax a tax!

[@markhansen3111]

It should never have been taxed at all.

[@benproffitt5957]

What doesn’t add up is that social security funds were used for other things and never paid back. With the baby boom era the social security funds should have been over funded considering that many didn’t and will not live long enough to ever use them. This needs to be investigated and corrected if not prosecuted for theft of funds from the people’s social security program.

[@leverman7517]

The only way to lower debt is to stop spending what you don't have...

[@Lolatyou332]

'we didn't lower your benefit, we are just taxing it so you get less!'

[@pizza4me298]

One of the best fixes for social security would be removing the Income cap that social security applies to and to stop taxing social security income.

[@WillimBradburst]

I work for the Federal Government and believe me there is no increase in Social security for seniors yet

[@beebob1279]

It was never to be taxed in the first place. But if it's money, the government can't keep it's hands off it

[@guzzirob]

Hey it's complicated. Tax free Social Security? I'll believe it when I see it.

[@zombieapocalypse3837]

Since I was taxed and paid into Social Security for the 42 years that I worked, it would indeed be nice to not have to continue paying for Social Security while simultaneously receiving it. But I'll believe it, when I see it. Or at the very least the Social Security tax could be indexed to rise with inflation and not be stuck at 1984 levels.

[@irahartoch1075]

Another HUGE benefit from making SS non-taxable to a LOT of seniors is it will lower their MAGI enough so they won't have to pay an IRMAA on Medicare. That savings could be almost as much as saving the tax on SS!

[@user-ts9nq5zw2j]

I totally agree with the no tax bill.

[@chasa4347]

Several folks have noted that self-employed / small business owners pay the whole 12.4%. As Gomer Pyle used to say "Surprise, surprise, surprise", everyone pays more than the 6.2%. When I was a team leader for a multi-national company, when we looked at pay for new employees, we used a number called "fully loaded compensation". This included not only your salary, any payments into a 401k plan, company sponsored health insurance, contributions to social security, to Medicare, state unemployment, training, etc., etc. They did receive some tax benefits, but the bottom line is that 6.2% isn't a legitimate number.

[@gregoryholliday6017]

Be leary....what b the catch? There should have NEVER been a tax on already taxed funds. You worked your entire life for this. There is not, nor will there ever be an end in sight of the government's thirst and hunger for your money.

[@romanhollow2985]

The government will actually help Americans SAVE money. I'll believe it when i see it.

[@steveetier3025]

I’ve listened to a couple of explanations of this proposal. The fact that income tax amounts were not indexed to some sort of benchmark means that eventually everyone will be paying whatever the top rate. I’d like to see an analysis going back to when SS was first taxed and apply an inflation factor. What would the income limits be today? Maybe there wouldn’t be a need for this proposal. I doubt this makes it all the way to be law.

[@generator6946]

Remember, if there is a pool of wealth there are sharks in it.

[@GordonLloyd-g8o]

We were taxed on the income it was withheld from. Taxing it again amounts to double jeopardy...

[@bjkjoseph]

It used to be tax-free and Reagan started taxing it and your savings account that used to be tax-free too

[@JohnWood-h2f]

Not taxed sounds good but they will still count it as income which will make your taxes higher.

[@AshleyKeith-vw7ws]

Navigating social security can feel like traversing a complex maze, doesn't it? It's essential to have a guide.

[@scottiopizza7565]

Taxing the tax, what a wonderful concept. Retired folks should not have to pay taxes unless they have serious resources.

[@shenmisheshou7002]

Congress seems incapable of actually fixing anything unless it involves pork for their districts.

[@chrisidzerda2963]

I will never get back what I put in. The fix is to raise the income level.

[@dhyde9207]

"Hey, I'm from the government and, trust me, I'm here to help you financially."

[@Brad4083]

As someone just a couple years from collecting SS benefits, I like this plan! As for younger people, I doubt they will feel any difference.

[@merlingrim2843]

It’s important to remember. Based on the founding principles of the nation, all power claimed by government is delegated by sovereign individuals (you and me). So when individuals in government claim the power to do to you and me, that which you and I cannot do to each other, it is a crime. If it ain’t delegable, it’s not legit.

[@floydestelle6242]

Everytime the government does something, and you work, they screw you! Examples; credit card interest, no interest for vehicles, etc., student loans going to the government 8.0 interest, instead of banks at 3.0 interest

[@tomkarnes69]

I sent the IRS 3k on the 15th and they sent it back on the 19th

[@spinosaurusrex11]

I have been with these guys for a couple of years. They are on it and WAY ahead of the curve. Glad to have them on my team.

[@tonyafisher4646]

pretty sure we paid tax on social security when it was earned! So generous of government to tax us twice on the same income.

[@mcarleton]

If there is no bend point (bend wall?) at $250K, the 15% bend point pay range will get smaller over time. Each year more people will have their income hit the $250K level and their benefit will stop growing. With the current plan, the top of the %15 percent bend range grows each year as the max income subject to the SSA tax grows.

[@frankalexander5401]

Milton Freedman: “There is no free lunch!” “Who pays?”

[@johngill2853]

Does it have enough support? And even if it did it would change through negotiations

[@Brenda-tb2mz]

Thank you for explaining! I finally understand what’s going on now.

[@gizzmo5952]

The government tells me the sky is blue... I'll go out and check.

[@CharlesVaughn-bm9gq]

Taxation of SS happened under Reagan. Senators Biden and McCain were the leaders in drafting that legislation. Thx guys. I thought Reagan was for the common man?! And Biden?! Grifters.

[@jmb-cm7mr]

My husband and i pay no tax on our SS of $32,400 and we have $29,200 of Pension Income.

[@lucyb7608]

Is the 168, 600 limit individual yearly earnings or do they look at joint earnings if married. ?

[@paulbork7647]

One’s employer also pays the 6.2% on income.

[@fy328]

Just put it back to the way it used to be. Gov't has been double taxing us for a long time.

[@timjones8295]

Informative video - thank you!

[@rodrigok1220]

What happens to the employers portion they are required to put in? I’m assuming that would stop at the 168k or whatever it’s raised to.

[@hillbillysportsman5818]

Thank you for another great video!

[@Workerbee676]

Chevron 84 tax on SOS security benefits 84. Go figure. Coincidence?

[@kennethquinnies6023]

Good idea, not enough people working to pay for this.

[@teams3345]

This is a great idea. Why did not think of this sooner?

[@bryanachee7133]

One point you totally ignored. Most people making $250k+ are small business owners who will get to pay the whole 12.4% themselves.

[@TimHall-y8s]

please talk about the WEP and the GPO.

[@ColdPotato]

Basically if you're poor or middle class you want this. If you have a family with two white collar jobs, then you'll pay more into SS. So work hard, just don't work too hard unless you like working for the government.

[@jeffegg2]

we need a flat rate tax!! Everyone pays the same percentage!!!

[@TheScubaboy12345]

Will this new bill affect the Social Security windfall elimination provision?

[@currentphonograph7487]

Does Social Security SDI & SSI get taxed

[@zilcher]

1) Remove all taxes on SS benefits 2) Have no income exempt from SS taxes. PROBLEM SOLVED!!

[@MJHiteshew]

This is a great plan.

[@Jeffwolfenson]

How much tax does the federal government collect on Social Security earnings, if you know.

[@JohnW-hm3eg]

Not every United States citizen has the means to save money for old age.

[@2bstiff584]

we paid those taxes when we made it u get tax when u make it you get tax when u spend s it and u get tax when u get your SSA

[@billmartin1010]

We paid tax on it once already . . .

[@paulhawkins5022]

Removing the tax from SS will only benefit the rich again or the people that just going over just a little bit.If you want to do something for SS give them all enough money so they can live on .

[@gladegoodrich2297]

Worked 50 years and paid not only my taxes but several deadbeats taxes.😖

[@johnmetz1158]

Yeah, This is another good idea that will never happen

[@NixUgriBugri]

this is again a windfall for upper income erners the lowest (poorest) wid not pay taxes even before ..

[@rene.s.s]

Build in a 3.1% refund on the additional amount for families who make between 250k and 500k and you got a deal.

[@stonemdrmdr8315]

Thank you

[@richardjacobs9496]

Why don't they stop taxes on 75 years olds

[@rjg1173]

Double taxed

[@brianh6680]

I'd be happy if they adjusted and then pegged the 50/85 income thresholds to inflation.

[@M22Research]

The existing Social Security benefit calculation itself is already very heavily progressive due to the “bend points” used to arrive at your benefit. Bend Points applied to your best 35 years of average inflation-adjusted income: SS “grants” you 90% of the first $14K of annualized income in your SS benefit. From $14K to $85K, you only get 32% of your annual income in your benefit. Above $85K, you only get 15% of your annual income in your benefit. The sum of these three lines is your full retirement age SS benefit. So the SS benefit is already heavily subsidized by folks making over an average $14K/year, but particularly by folks earning an average income of $85K to $168K.

[@mikem9331]

Just stick it in the next 7000 page bill. Nobody reads them anyway.

[@markjoslin9912]

This comes up every couple of years. Won’t pass

[@shirleyontiveros612]

If we don’t pay ss taxes, we get no ss benefits!!

[@davehuber6949]

No more SS to tax

[@davidrounds3245]

Anybody who has only SS right now, does not pay income tax on it already.

[@chrisbrimhall1613]

That is the way it was originally written

[@TheSeniorsHub]

Getting double-tax really sucks

[@TBoy1247]

Of course there's a catch. I haven't seen the bill either but here is what will happen. If you save for your own retirement, the Government will take an ever increasing amount of your SS back in the form of taxes after you retire. If you don't save for your own retirement, you will be "awarded' a higher PIA than what you have earned and will not pay taxes SS benefits. This will be even more effective than Student Loan Forgiveness (transfer) in buying votes.

[@kahvac]

Hold onto your wallet with both hands !

[@CGAZ66]

so maybe every penny would be taxed no matter how much you withdraw when you retire?

[@TamTran-hy8dj]

Most likely don't pay tax, the only people who get pension and ssa, pay, so it will not hurt ssa

[@bonzer2u]

The catch? We will cover the cost with SS benefit reductions.

[@RonaldWilliams-q3b]

Since Social Security gives raises every year to people don’t get to see because after 65 the raise you got for those three years go to pay for your Medicare, which you paid your whole life now you gotta pay them to have the insurance no matter what what’s wrong with that picture

[@kennethcheesbrough6855]

You mean we paid for it we should be abl to keep it. If i would have known that the government was just gona screw me i would have kept all the money i pit into ss and put it inthe bank. It doesnt make any sense to tax our money multipal time lile they freaking do.

[@marygem]

Gee, let's really worry about people making over $200,000 a year😢

[@tomm6789]

Your government looking out for you. Right.

[@MegaFranceschini]

There's no such thing as a free lunch. Something is not right.🤔🤔

[@bernardmccole3215]

I know this won't be a popular take but the maximum benefit is capped at $3800 a month so it really seems unfair to take from people that won't be get any additional benefit. But that's the reason it works.

[@robertcrain9812]

It is about time the wealthy earners paid their fair share of Social Security taxes. It would be reasonable if they paid their fair share of all taxes.

[@Gerald-i6w]

What happens to the money when the person dies and doesn’t get paid??? Smells fishy

[@strikerz2912]

There’s always a catch

[@July.4.1776]

Nothing will happen till 2033 or 2034 congress will not accomplish any task till the last minute in the final hour.

[@Earth_Rocker]

Good ol' govmnt: Keeping people poor.

[@1sharones]

Social Security is tax free in many states! I have NEVER paid taxes on my social security

[@CVernRock-c3x]

How about the government pay back all the money they "borrowed" from Social Security since Reagan? That would make SS solvent for decades to come.

[@darinjarvis580]

Someone needs to audit the governments spending theyve never been held accountable for all of there waste

[@DaveSchmrdr75]

Does this mean that the provisional taxable income disappears and none of the benefits paid is no longer taxable?

[@strikerz2912]

Stop giving funds to other country and put it in social security fund. Very simple

[@whysoserious8666]

Regan taxed Social Security!?! Say it isn’t so.

[@fincarosa]

Instead of messing with social security, Congress should simply fund the trust fund. Americans have earned their social security and instead of doing deficit worsening things that make the problem worse, like the tax cuts under Trump that benefitted the rich, just have the rich pay their taxes and fund social security. Simple

[@MattDapson]

Never happen