Washington, DC -Today, Congressman Van Drew introduced H.R. 9359, The Social Security Tax Freedom Act, which would remove federal income taxes on Social Security payments, protect Social Security funding, and provide much-needed relief to retirees.
"People who rely on Social Security have already more than contributed their fair share through years of payroll taxes and hard work," said Congressman Van Drew. "They have busted their backs for decades, and now, when it is time for them to enjoy the benefits, they see portions of their hard-earned benefits reduced by even more taxes. It is just outrageous. Meanwhile, the government is throwing money at other programs like welfare for illegal immigrants and unnecessary foreign aid. It is about time we stop this nonsense.
"My bill would put an end to this additional and unfair tax burden. Our seniors have earned every penny of their benefits, and they should not have to see it diminished by unnecessary taxes. I am determined to protect Social Security and ensure that our older generation does not get shortchanged. I will always keep fighting to make sure they receive the financial security and respect that they have earned."
Background:
- This bill would remove the requirement for Social Security benefits to be included in taxable income, which would mean that Social Security recipients will no longer have to pay federal taxes on their benefits.
- This bill ensures that the Social Security Trust Funds and related funds, like the Railroad Retirement Fund, will not lose any money due to the tax repeal. The Treasury will cover any shortfall to maintain the financial stability of these funds.
Click here to read the full text of the bill.
