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Home Market Research Markets

Bill Would Make Social Security Benefits Truly Tax-Free

by TheAdviserMagazine
10 months ago
in Markets
Reading Time: 1 min read
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Bill Would Make Social Security Benefits Truly Tax-Free
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Evgeny Atamanenko / Shutterstock.com

For many retirees, Uncle Sam gives with one hand and takes away with the other. But that could soon change. A bill recently introduced in the U.S. Senate would exclude Social Security benefits from federally taxable income, effectively making them tax-free. Currently, about 40% of people receiving Social Security owe federal income taxes on their benefits. But that would no longer be the case…



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