Donald Trump on Wednesday threw a monkey-wrench into the plans of Democrats to claim he wants to cut Social Security when he, but the recent explosion of inflation has highlighted the problems with the current system. And for the first time in living memory, we have a proposed Social Security reform that will actually help seniors pay their bills.. The idea to tax them came out of one of the most dangerous creatures ever to stalk our Republic—the bipartisan reform commission.
The median household income in 2022—the latest data available from the Census Bureau—was $74,580. But those tax thresholds have remained unchanged. So, the tax that once applied only to retirees with incomes above the national average now applies to. The Social Security Administration estimates that around 40 percent of beneficiaries are subject to taxes on their benefits.
. That would mean a significant rise in the thresholds so that once again only wealthier households were subject to the tax. And those thresholds should be indexed to inflation so that the bracket creep is not allowed to occur again.the certainty financial markets have about a rate cut in September—but it also did not do much to push back against that certainty.
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