Research Report Taxable Social Security Benefits
Leonard E. Burman, Mohammed Adeel Saleem
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Before 1984, Social Security benefits were exempt from income tax. As part of the Greenspan Commission reforms intended to bolster Social Security's finances, up to 50 percent of Social Security benefits became subject to tax in that year, with proceeds from the income tax allocated to the Social Security Trust Fund. In 2004, we estimate that there are more then 28 million households receiving Social Security benefits.
Research Areas Aging and retirement Taxes and budgets
Tags Social Security Economic well-being Individual taxes Federal budget and economy Retirement policy