Big Changes Could Be Coming To Social Security In 2023
A new bill is passing Congress and it could have a big impact on Social Security benefits.
In August, Rep. Angie Craig (D-MN) introduced legislation that would eliminate federal taxes on Social Security benefits for retirees. If passed, the “you earn it, you keep it” bill would repeal all federal taxes starting in 2023.
Craig claimed the tax repeal would be funded by raising the payroll tax salary cap from $147,000 a year to more than $250,000.
In addition to providing immediate economic relief to Americans battling inflation, Craig believes the proposed legislation would improve Social Security’s long-term solvency.
While the proposal still has many hurdles to clear, it has gained a lot of momentum in recent weeks.