The You Earned It You Keep It Act: Eliminating Taxes on Social Security

💡The You Earned It You Keep It Act aims to eliminate taxes on Social Security benefits, reversing the Social Security Amendments of 1983.

🔍Critics argue that removing taxes on Social Security could worsen the financial problems facing the Social Security trust fund.

💰By eliminating taxes on Social Security, the bill promises to reduce the federal debt and extend the solvency of the trust fund beyond 2034.

🧩The bill proposes eliminating income thresholds, ensuring tax-free Social Security payments for all recipients, regardless of income.

📈Proponents argue that eliminating taxes on Social Security would provide a tax break for retirees and stimulate economic growth.

What is the You Earned It You Keep It Act?

—The You Earned It You Keep It Act is a proposed bill that aims to repeal taxes on Social Security benefits. It seeks to reverse the Social Security Amendments of 1983, which introduced taxation on Social Security payments.

When would the proposed act go into effect?

—If passed, the You Earned It You Keep It Act would go into effect in 2025. This means that Social Security recipients would no longer pay taxes on their benefits starting from that year.

What are the arguments in favor of eliminating taxes on Social Security?

—Proponents of the You Earned It You Keep It Act argue that eliminating taxes on Social Security would provide a tax break for retirees and stimulate economic growth. They believe that individuals should not be taxed on their own contributions to Social Security.

What are the concerns about eliminating taxes on Social Security?

—Critics of the You Earned It You Keep It Act are concerned that removing taxes on Social Security could worsen the financial problems facing the Social Security trust fund. They argue that it could lead to a larger deficit and put the long-term sustainability of the program at risk.

How would eliminating taxes on Social Security affect retirees?

—If taxes on Social Security are eliminated, retirees would receive their benefits tax-free. This would result in more disposable income for retirees, potentially improving their financial situation.

00:00The You Earned It You Keep It Act aims to repeal taxes on Social Security, reversing the Social Security Amendments of 1983.

01:58The bill proposes eliminating income thresholds, ensuring tax-free Social Security payments for all recipients, regardless of income.

04:09Critics argue that removing taxes on Social Security could worsen the financial problems facing the Social Security trust fund.

06:03If passed, the You Earned It You Keep It Act would go into effect in 2025, making Social Security benefits tax-free.

07:32Proponents believe that eliminating taxes on Social Security would provide a tax break for retirees and stimulate economic growth.