✉news BusinessPersonal Finance first seen 3 d ago, last 3 d ago, peak #36
Social Security's $25,000 Tax Threshold Frozen Since 1984
Original: Social Security’s $25,000 Tax Threshold Hasn’t Changed Since 1984. Here’s Who Pays for It
The income threshold at which Social Security benefits become taxable still stands at $25,000 for individuals, unchanged since 1984. Because benefits have risen with inflation while the threshold has not, more retirees each year owe federal tax on part of their benefits, effectively taxing middle-income seniors who were never meant to be hit.
Why now: Retirees noticing rising tax bills on benefits are renewing attention to an outdated four-decade-old threshold.
Social SecurityInternal Revenue ServiceUS Congress
Evidence
- Social Security’s $25,000 Tax Threshold Hasn’t Changed Since 1984. Here’s Who Pays for It · 24/7 Wall St.
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