Kansas Senator Roger Marshall has introduced a bill that would cut taxes for many individuals who rely on Social Security benefits. Marshall introduced the ‘reducing excessive taxation’ act on Wednesday, February 5th. The act, if approved, would increase the thresholds to include Social Security income. The reform would reduce the taxable income for many single heads of households, married couples filing jointly and married couples filing separately who’ve lived with their spouse.
Marshal says after four years of record-high inflation, the current tax on Social Security has been devastating to America’s retirees, and by cutting taxes on Social Security, it will ensure America’s seniors can keep more of their hard-earned money and fix a fundamental flaw in the tax system. Nearly 56% of retirees pay taxes on their social security benefits.
