Press Releases
PRESS RELEASE: Representative Massie Introduces Bill to Eliminate Tax on Social Security Benefits
Washington, DC,
January 21, 2014
Representative Massie introduced HR 3894, The Senior Citizens Tax Elimination Act to eliminate income taxes on Social Security benefits. The bill would boost the retirement income of millions of older Americans.
Representative Massie Introduces Bill to Eliminate Tax on Social Security Benefits “Taxing these benefits is an accounting sleight of hand that redistributes portions of the Social Security trust fund to other areas of government” – Representative Massie introduced HR 3894, The Senior Citizens Tax Elimination Act to eliminate income taxes on Social Security benefits. The bill would boost the retirement income of millions of older Americans. Original co-sponsors include Congressman Bridenstine (R-OK) and Congressman DeSantis (R-FL). “Seniors have already paid tax on their Social Security contributions, so taxing Social Security is double-taxing by the Federal Government,” said Massie. “Taxing Social Security reduces benefits to seniors.” Rep. DeSantis (R-FL) said, "Congressman Massie's bill blows the whistle on the federal government for double taxing the Social Security benefits of senior citizens. Individuals already pay taxes to support Social Security, so there is no reason why these earned benefits should be taxed on the back end." The purpose of Social Security is to provide people with financial support during retirement, not to be another source of tax revenue for the Federal Government. Under this legislation, Social Security benefits would neither be taxable nor reportable on individual tax returns, thus restoring the integrity of the program. “Taxing these benefits is an accounting sleight of hand that redistributes portions of the Social Security trust fund to other areas of government,” Massie concluded. |