Amid ongoing discussions on the solvency of Social Security, a bill proposing the elimination of federal taxes on Social Security benefits has been introduced in the House. This proposition has garnered the President's support, which could lead to a full House vote. Currently, employees and employers each pay a 6.2% tax to fund Social Security, and this new measure aims to alleviate the taxation burden on benefits, potentially increasing financial relief for millions of Americans reliant on Social Security payments.
A bill has been introduced to the House of Representatives to eliminate all federal taxes on Social Security income, signaling potential changes in taxation.
The President has expressed support for this issue, indicating that a full House vote could take place, potentially affecting millions of beneficiaries.
Currently, both employees and employers contribute 6.2% toward Social Security taxes, totaling 12.4%, but the proposed bill seeks to exempt benefits from further taxation.
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