Washington Wants to Make Big Social Security Changes That May Hurt Retirees
President Trump during his campaign proposed exempting Social Security from federal income tax. Several lawmakers in Congress have recently introduced legislation that aims to accomplish the same goal.Additionally, President Trump last month pushed Congress to approve a "big, beautiful" tax and spending bill that fulfills several other campaign promises. "In the coming weeks and months, we will pass the largest tax cuts in American history -- and that will include no tax on tips, no tax on Social Security, and no tax on overtime," he said.However, those major changes to tax law would likely hurt retired workers on Social Security. Here's why.Continue reading
President Trump during his campaign proposed exempting Social Security from federal income tax. Several lawmakers in Congress have recently introduced legislation that aims to accomplish the same goal.
Additionally, President Trump last month pushed Congress to approve a "big, beautiful" tax and spending bill that fulfills several other campaign promises. "In the coming weeks and months, we will pass the largest tax cuts in American history -- and that will include no tax on tips, no tax on Social Security, and no tax on overtime," he said.
However, those major changes to tax law would likely hurt retired workers on Social Security. Here's why.
