The taxation of Social Security benefits is continuing to face issues as seniors believe it is a form of double taxation.
The issues surround the taxation of Social Security benefits. (Photo: Tax Samaritan)
Issues About The Taxation Of Social Security Benefits
The issue of the taxation of Social Security benefits has been going around for quite some time now. Although the Social Security benefits help seniors cover most of their monthly expenses, this does not stop them from criticizing the taxation of Social Security benefits.
Retirees hate and loathe the taxation of Social Security benefits because of many reasons. In an informal poll about the taxation of Social Security benefits, an advocacy group for seniors found out that over 90% of seniors believe that the taxation of Social Security benefits should be stopped.
The retirees’ hatred for the taxation of Social Security benefits came from their belief that the taxation of Social Security benefits is a form of double taxation. They hate and loathe the fact that the taxation of Social Security benefits is about paying taxes from earned income before retirement is done as well as still paying taxes after receiving payouts during retirement.
According to a published article by The Motley Fool, retirees should first know how things work for Social Security benefits before explicitly hating and loathing the taxation of Social Security benefits. Both a yes and a no are answers to the question, “Are Social Security benefits double-taxed?”. A beneficiary of Social Security may or may not be double-taxed according to their threshold income, the state they live in, etc.
Income Tax Exemption Of Social Security Benefits
In a published article by planadviser, the House Republicans has recently proposed a bill that would prevent Social Security benefits from being added and calculated from gross earnings in terms of income tax purposes. Although many may agree about this proposed bill, it is unsure if it will be approved or even advance.
