The Bill That Would Eliminate Federal Taxes on Social Security Benefits
Millions of Social Security recipients could see larger checks. Here's how.
The Bill That Would Eliminate Federal Taxes on Social Security Benefits
Overview
Social Security is a lifeline for millions. According to a Senior Citizens League survey, nearly three-quarters of seniors (73%) depend on Social Security benefits for more than half of their income, and nearly 40% depend on it for their entire income.
So imagine how difficult it must have been for many Social Security recipients when, in 1984, their benefits began to be taxed for the first time, particularly when they didn't have an IRA or other retirement account to draw from.
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Details
Source
Originally published at www.fool.com.
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