A bill to eliminate taxes on Social Security benefits has been reintroduced — and it might keep the program afloat for 20 more years. Here’s how
The “You Earned It, You Keep It Act,” which seeks to eliminate federal taxes on Social Security benefits from 2025, has been reintroduced to the U.S. House by Rep. Angie Craig. The bill also proposes a new funding stream for the Social Security program, which could extend its lifespan by 20 years. The legislation stipulates that the payroll tax would be reactivated once earnings exceed $250,000, targeting high earners as a source for additional funding. Analysis by the Social Security Administration suggests this would enable the agency to fully fund benefit payments until 2054. Currently, around 40% of Social Security beneficiaries are subject to taxes on their benefits each year.
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