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U.S. Reps. Angie Craig (D-Minn.) and Yadira Caraveo (D-Colo) reintroduced the “You Earned, You Keep It Act” to reduce Social Security beneficiaries’ tax burden and safeguard the program’s financial future. The Social Security bill would eliminate federal taxes on Social Security benefits and extend the OASI Trust Fund‘s solvency until 2054.
New Propose Social Security Bill that will reduce the tax burden and safeguard the program’s financial future. (Photo from MSN)
Securing Social Security Bill Aims to Extend Funds, Cut Taxes, and Ensure Stability Until 2054
The OASI Trust Fund could run out by 2033 or 2034, leaving payroll taxes to cover 77% of payouts. The plan proposes raising Social Security payroll taxes to $250,000 from $168,600 in 2024. Social Security’s Office of the Chief Actuary expects this expansion will keep the trust fund stable for 20 years, ensuring scheduled benefits.
Also, the Social Security bill measure proposes eliminating federal income taxes on Social Security benefits. Certain recipients pay federal income taxes on their benefits based on their new income. The law may cut the government debt by $8.9 trillion over 75 years, benefiting more than Social Security.
Rep. Angie Craig calls the Social Security bill a “win-win” arrangement. It lowers seniors’ taxes and strengthens Social Security for all Americans. Craig emphasizes the legislation’s budgetary responsibility to put money back in middle-class pockets.
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‘You Earned, You Keep It Act’ Gains Progressive Support Amid Congressional Divide
The bill’s passing is difficult despite its virtues. The August 2022 launch faltered owing to little backing. Its approval prospects are further hampered by Congress’s divide.
Social Security Works, a progressive organization dedicated to protecting and increasing Social Security and comparable programs, supports the Social Security bill. While it may be difficult to pass, the “You Earned, You Keep It Act” addresses important Social Security and federal tax issues.
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