No Taxation on Social Security: The Repeal

Today we're talking about the new proposal to eliminate the taxes on Social Security Benefits. 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- 📊 Get a customized Social Security filing plan. Start with a 10-minute discovery call with my team of Registered Social Security Analysts → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑‍💻 ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ ⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 -----------------------------------------------------------------------------------------------------...(read more)

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The repeal of taxes on Social Security is a long-awaited move that has been finally implemented. For years, many have been calling for the elimination of taxes on Social Security benefits, arguing that it's unfair to tax seniors who have already contributed to the program. The new legislation, which was signed into law on December 20th, 2019, eliminates the tax on Social Security benefits for retirees making less than $100,000 a year. This means that millions of seniors across the country will no longer have to pay taxes on their Social Security benefits. Before the repeal of taxes on Social Security benefits, retirees making more than $25,000 a year or couples making more than $32,000 were required to pay taxes on up to 85% of their Social Security benefits. This created a financial burden for many seniors, who were already struggling to make ends meet. The elimination of this tax is a huge win for retirees, who rely on their Social Security benefits to pay for their living expenses. According to the Social Security Administration, nearly two-thirds of retirees rely on Social Security for more than half of their income. The repeal of taxes on Social Security benefits will also help to boost the economy, as seniors will have more money to spend on goods and services. This will create jobs and stimulate economic growth, benefiting both retirees and the broader community. Critics of the repeal argue that it will lead to a loss of revenue for the government, which could lead to cuts in other programs like Medicare and Medicaid. However, supporters argue that the elimination of this tax will not have a significant impact on the government's revenue, as the majority of retirees making less than $100,000 a year don't pay taxes on their benefits. Overall, the repeal of taxes on Social Security benefits is a positive move that will benefit millions of seniors across the country. It will provide much-needed relief for retirees, stimulate economic growth, and help to reduce financial stress among seniors who are struggling to make ends meet. https://inflationprotection.org/no-taxation-on-social-security-the-repeal/?feed_id=93808&_unique_id=6451fa9a981e3 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability