Seniors Who Work Can Pay Tax Rates of 70%

The Democrats are mighty nervous about Trump’s latest idea to stop the unfair taxation of Social Security benefits. Why? Because it turns out the policy is popular with voters over the age of 65.

Unleash Prosperity’s lead piece in Fox Business this weekend notes that seniors who continue to work after they’re eligible for Social Security face marginal tax rates that can easily rise above 50 to 60%. In other words, for every dollar they earn, the federal government takes away more than 50 cents.

John Goodman of the Goodman Institute finds the rates can be above 70%.

Millions of seniors WANT to keep working into their 60s and 70s – which is a good thing for them AND for our economy. So why is the government discouraging it?

But now the left – including people like Bill Kristol – are disingenuously complaining that a plan to let seniors keep more of their own money if they keep working, is really a trick “to make older people work longer.”

Huh? This plan only benefits seniors. There are no retirees who lose under this plan.

We can’t speak for Trump, but at Unleash Prosperity we think that every American should decide for themselves when they retire, and if they decide to continue to work, the Social Security system shouldn’t snatch away the extra money they earn. We’re pro-choice on one’s decision when to retire.

Incidentally, we have many HOTLINE subscribers who are working into their mid and late 80s (the new 60) and some into their early 90s! They should be given a medal, not a higher tax bill.

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