Exempting all social security income from tax does not help seniors who need it most
Exempting all social security income from tax does not help seniors who need it most

Exempting all social security income from tax does not help seniors who need it most

Board member, NM Voices for Children, former U.S. Senator

Social security has done a remarkable job of keeping the vast majority of seniors out of poverty. The elderly still living in poverty should receive more help from the federal and state governments. But exempting all social security income from taxation will not provide a penny of help to our low-income seniors. What this will mean is that the state will have less money to support the programs and services that matter most to our society.

Most seniors who earn low incomes – and even many who earn middle incomes – are already exempt from paying income tax on their social benefits. The vast majority of the benefit of this proposed tax cut will go to seniors earning $ 50,000 and up, more than the state’s median income. More than half of the benefit would go to those in the top 20% of the income ladder. And even for those at the very top, the part of their social security benefit from which they have already paid taxes while working is exempt from that tax.

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