The Social Security Fairness Act of 2023, H.R.82 is legislation introduced in the 118th Congress to repeal provisions of the 1984 social security act. The bill introduces provisions to remove taxes which reduce social security benefits for individuals who receive other benefits, such as a pension, from a state or local government.
Rep Angie Craig (D-MN) introduced the bill, better known as “You Earned It, You Keep It” act, which would repeal all of the federal taxation on Social Security benefits beginning in 2023. The revenue from current taxes goes directly back into Social Security’s trust funds.
On Rep Craig website craig.house.gov media press releases this bill would help Minnesota retirees (and across the nation), especially those living on fixed incomes, while contending with inflation.
Rep Craig cited “Social Security is a promise we have made to the American people – if you work hard and play by the rules, the dignity of a secure retirement will be within your reach. But taxing the very benefits American workers have earned after decades on the job diminishes our promise and threatens to undermine the financial security of retirees already struggling with rising prices,” said Representative Craig. “Eliminating this tax will help Social Security benefits go further and ensure that American retirees have all the resources they need after a lifetime of hard work.”
This legislation seeks to eliminate the unjust double tax on Social Security benefits that Americans have been forced to pay for nearly 40 years. The You Earned It, You Keep It Act would repeal all of the federal taxation on Social Security benefits beginning in 2023, putting money directly into the pockets of middle-class retirees. The tax cuts would have no effect on the monthly benefits that enrollees receive each month – and would be fully paid for by raising the cap for individuals earning more than $250,000 annually and asking them to continue paying into Social Security each year. According to a non-partisan analysis, Craig’s legislation would also improve the long-term solvency of Social Security compared to current law – ensuring that this critical retirement program is able to support American retirees for years to come. Craig’s legislation is supported by Social Security Works, an organization dedicated to protecting and improving Social Security for the millions of American seniors who have earned and rely on its benefits.
Beside Rep Craig, several other representatives Garrett Graves (R-LA), Abigail Spanberger (D-VA), along with 59 cosponsors are working to right this wrong which has been plaguing retirees for more than 40 years.
As stated in prior posts. At Seniorsnews.org, we do not try to dive into politics, nor slant our posts towards any party affiliate. There are plenty of websites out there who readily talk on this topic. But when information that could affect anyone who is or will be depending on social security as a means of financial support comes across my desk. I feel it my obligation to relay this valuable information so you, the reader, can keep informed.
Disclaimer:
SeniorsNews.org is an independent publisher and comparison service, not an investment or any type of professional advisor. Its articles, interactive tools and other content are provided to you for free, for informational purposes only.
SeniorsNews.org does not and cannot guarantee the accuracy or applicability of any information regarding your individual circumstances. Examples are opinions of the authors, and we encourage you to seek advice from qualified professionals regarding specific issues.
SeniorsNews.org believes everyone should be able to make decisions with confidence. We’re proud that the information and tools we provide are objective, independent, straightforward.
