- Bill would help improve Social Security’s long-term solvency and reduce the federal debt
March 23,204
By Highpoint Digest Statf
WEST ST. PAUL, – (Highpoint Digest)– On January 25, 2024, U.S. Representative Angie Craig announced new legislation to eliminate federal taxes on Social Security benefits for seniors.
Rep. Craig’s You Earned It, You Keep It Act is meant to eliminate all federal taxes on Social Security benefits beginning in 2025 – putting money back into the pockets of retirees.
The bill would be paid for by raising the cap on the Social Security payroll tax, so higher-earning Americans continue paying into Social Security.
According to a non-partisan analysis, Rep. Craig’s bill would allow the Social Security Administration to continue making all payments on time and in full through 2054 – 20 years longer than the current projection of 2034.
The same analysis showed that the You Earned It, You Keep It Act would also reduce the federal debt by $8.9 trillion over 75 years.
“This bill is a win-win – it’s a tax cut for seniors and a way to ensure more Americans can depend on the Social Security benefits they’ve earned. And on top of that, it’s fiscally responsible,” said Rep. Craig. “I’m leading the charge on this issue in Congress because we need to get money back in the pockets of middle-class Americans. The You Earned It, You Keep It Act will help us get it done.”
Reps. Ro Khanna (CA-17), Yadira Caraveo (CO-08), Don Davis (NC-01), Mary Peltola (AK-AL), Andrea Salinas (OR-06) and Hillary Scholten (MI-03) were original co-sponsors of the bill. Social Security Works, an organization dedicated to protecting and improving Social Security, endorsed Rep. Craig’s bill.
Click here to read the You Earned It, You Keep It Act.
Source: Rep. Angie Craig
Image courtesy of Social Security Administration
