A recent survey found that 83% of registered voters strongly or somewhat support former President Donald Trump's proposal to eliminate taxes on Social Security benefits. The Wall Street Journal Votes found.
This policy would be a huge benefit to seniors on fixed incomes who have struggled with soaring inflation under the Biden-Harris administration. On average, this policy would advantage According to the Tax Policy Center, the amount is $3,400.
The survey found that 64% of respondents “strongly support” eliminating taxes on Social Security benefits, while 19% “somewhat support” it. Only 10% were opposed.
The policy has strong partisan support: 76% of Democrats support eliminating taxes on Social Security benefits, while 89% of Republicans support it.
Public Opinion Poll sampling The poll surveyed 750 voters between Aug. 24 and 28, with a margin of error of +/- 3.6 percentage points.
“The tax cuts would benefit 16 percent of all households and generate an average revenue increase of $3,400, according to the Tax Policy Center.” journal explanation:
According to the Social Security Administration, income taxes on Social Security benefits will be 50% for Social Security recipients in 2023, up from 10% when Congress created the tax in 1983. Many retirees were surprised by the tax burden, and surveys have shown that President Trump's proposal has touched a nerve.
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Social Security recipients must calculate their income by adding half of their benefit. If their combined income exceeds $25,000 ($32,000 if married filing jointly), they are taxed on up to half of their benefit. If their combined income exceeds $34,000 ($44,000 if married filing jointly), they are taxed on up to 85% of their benefit. This system means that Social Security recipients are taxed in both ordinary taxes and on their benefit as their income increases, which can result in high marginal tax rates.
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The income tax on benefits currently accounts for about 4 percent of Social Security income, and repealing the tax would hasten the day when Social Security would no longer be able to pay benefits in full. Congress raised the tax in 1993 to redirect the funds to Medicare. Lawmakers intentionally set the income threshold for the tax without adjusting for inflation, so more people are affected over time. Beneficiaries who pay the tax typically have wage or investment income other than Social Security.
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