taxes

Four Reasons to Abolish the Social Security Tax

The Social Security benefits tax is complex and unfair, and there are many reasons Congress and a new administration should simply abolish it — or at the very least reform it, including: (1) Income thresholds have not been adjusted for inflation in 42 years. (2) Marginal tax rates on non-Social Security income are higher for retirees than for younger workers. (3) The tax penalizes retirees
receiving average or below-average Social Security benefits who supplement their income. (4) Increases in marginal tax rates do not correspond to rises in income.

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