Published on 3 May 2024 on Insider Monkey via Yahoo Finance
This article takes a look at the 10 most tax-friendly states for retirees: some with no property tax. If you wish to skip our detailed analysis on the "You Earned It, You Keep It" Act, you may go to 5 Most Tax-Friendly States for Retirees: Some with No Property Tax.
“You Earned It, You Keep It”
Introduced on January 25, 2024, the “You Earned It, You Keep It” Act H.R. 7084 aims to enhance the financial stability of seniors in America. Proposing to eliminate all federal taxes on Social Security benefits starting in 2025, this move is one of the many long bills that have made efforts to eliminate taxes on Social Security in vain. The tax proposes that the Social Security payroll tax cap should be increased for high-income earners to back the tax elimination. This would make those who earn more contribute more to Social Security funds, ensuring its health and financial stability. An analysis of the act suggests that this would allow Social Security funds to remain solvent through 2054, which are otherwise feared to be depleted by 2033.