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Its worth noting that not everyone does pay taxes on their Social Security benefits.
When income goes above those thresholds, 50% of Social Security benefits are subject to income tax.
Here are some considerations about potentially cutting taxes onSocial Security and the impact on the middle class.
She feels that the exemption amounts are too low, as they have not been indexed for inflation.
After their $16,550 standard deduction the tax due would only be $1,385.
Whatever the impact, Trump has yet to introduce formal legislation to make this change.
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