Stop over-taxing Middle Class retirees approximately $18 Billion per year.
Many middle class retirees are being hit with additional Federal Income tax because the same base to calculate taxable benefits has not been adjusted for inflation since benefits first became taxable in 1984. When the law was written, the base (half Social Security benefits + other income) had to exceed $25,000 for a single taxpayer or $32,000 for married taxpayers to include some of the Social Security benefits in taxable income. These amounts have NEVER changed. Do they really believe that $25,000 in 1984 is still worth $25,000 today? Adjusted for inflation, these numbers would be approximately $55,000 and $71,000. What this means is that many retirees are being taxed on income they shouldn't be taxed on.
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