LOUISVILLE, KY (WAVE) - Is it fair to make elderly Americans list Social Security as a taxable income benefit when Social Security is financed by tax dollars?
That's been the case now for 33 years. It is time to stop this double tax. Congress first considered stopping this tax on our tax money nearly 15 years ago but it hasn't happened.
The impetus of the tax on benefits was the real possibility of insolvency for the Social Security and Medicare Trust funds. The conundrum remains: totally doing away with taxation of benefits will shorten the time that both might face insolvency, and force a reduction in payments for the people who worked for them.
At the very least then, lower the tax thresholds. Simply adjusting for inflation make sense, as what passed for retirement income last century doesn't now.