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Image source: Getty Images. 1. Social Security benefits are rising by 2.5%. Each year, Social Security benefits are eligible for an automatic cost-of-living adjustment, or COLA.
In a move that could significantly impact the retirement income of millions of Americans, a bipartisan group of U.S. lawmakers is pushing to repeal a set of Social Security rules that reduce ...
The Social Security Fairness Act is a United States law that repealed the Social Security Government Pension Offset and Windfall Elimination Provision. [1] The bill passed the House in November 2024 and then passed the Senate in December. [ 2 ]
Social security benefits were reduced by two-thirds of the non-covered government pension amount. [1] Note this is not two-thirds of the Social Security benefit; for example, a $600 non-covered pension benefit would reduce Social Security spousal benefits by $400, regardless of whether the spouse was entitled to $500 or $1000 on the Social Security record of the number holder.
While Kansas previously allowed anyone with an adjusted gross income of $75,000 or less to exempt their Social Security benefits from state taxes, a bill passed in June 2024 now eliminates taxes ...
However, the state recently capitulated and now uses its own income-based tax credit system to offset Social Security income for single filers earning less than $30,000 and joint filers drawing ...
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