Social Security beneficiaries may face higher taxes on benefits in 2023 due to the 8.7% COLA; Dem and Rep lawmakers propose bills to eliminate benefit taxes.
Social Security beneficiaries may face higher taxes on their benefits in 2023 due to the 8.7% cost-of-living adjustment. Both Democratic and Republican lawmakers have proposed bills to eliminate taxes on benefit income. Rep. Angie Craig of Minnesota, championing the bill with Democrats, calls it a "win-win" for seniors and ensuring more people can depend on Social Security.
February 25, 2024
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