We can’t control what others do and we can’t stop misfortune from striking. But we can control our own actions. Those who are financially prudent will most likely enjoy success, even if events don’t always go their way.
No, you did not pay for your Social Security benefits
The last thing we need for Social Security now is to use new revenue to offset the loss of revenue from added benefits rather than fixing the depletion of the trust fund to sustain full benefits. What good is not paying taxes if your benefit is reduced by 23%?
Representatives Angie Craig, D-Minn., and Yadira Caraveo, D-Colo., have sponsored new legislation — the You Earned It, You Keep It Act — to repeal the federal taxation of Social Security benefits starting in 2025.
Beneficiaries pay for about 15% of the benefits collected
“For almost a century, America has upheld a fundamental promise — that if you work hard and play by the rules, you’ll be able to enjoy a secure retirement. However, historic inflation is eroding seniors’ budgets, jeopardizing the financial security they’ve worked their whole lives to achieve,” Caraveo said Monday in a statement.
“It would also be fully paid for by raising the cap for individuals earning more than $250,000 annually and asking them to continue paying into Social Security each year,” she explained.
There is no double taxation
“The last thing they need is for the government to double tax their hard-earned Social Security benefits,” said Caraveo, referring to Colorado beneficiaries, who — along with those of Colorado, Connecticut, Kansas, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont and West Virginia — are taxed at the state level as of 2024, if they earn above certain preset income thresholds.
The fact the benefit is taxable does not mean taxes are paid. Low and lower middle income beneficiaries pay no income taxes anyway.
This move aims to directly benefit middle-class retirees without impacting their monthly benefits,” she added.
The wealthiest contribute at the exact same rate as the rest of us and receive less proportional benefits.
According to Nancy Altman, president of Social Security Works, a lobbying group focused on the intests of elder Americans, the bill “strengthens Social Security by requiring the wealthiest to contribute to Social Security at the same rate as the rest of us. It also provides a tax break to millions of low-income seniors.”
I think a bill has been introduced every year since 2012 to repeal the tax on benefits. The idea never gets much consideration so this one will fall flat also.
QUINNSCOMMENTARY 
I think a bill has been introduced every year since 2012 to repeal the tax on benefits. The idea never gets much consideration so this one will fall flat also.
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