Tax burden may rise for some seniors as Social Security benefits increase next year

It seems like such good news —Social Security benefits are going up 8.7% next year, thanks to inflation. But for a lot of people, their tax bill could go up, too.
 

That’s because tax rates on Social Security benefits are not changing with inflation. Taxing Social Security benefits began in 1984 as part of a sweeping reform of the system. It was intended to tax the wealthiest recipients.

But over the years, as the annual cost of living increased, more and more people qualified for the tax. With next year’s benefits going up at their steepest levels in 42 years, more people will be taxed.

silver and gold round coins in box by Kenny Eliason is licensed under Unsplash unsplash.com

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