This Social Security Tax Solution Is Long Overdue
Social Security provides an essential financial backstop for tens of millions of American families. It therefore comes as a huge shock to many people that the Social Security benefits they receive from the federal government can sometimes be subject to income tax.
Americans pay Social Security payroll taxes throughout their jobs. In exchange, they expect that they'll receive monthly retirement benefits after they quit working. Having paid into the system through taxes, it's surprising to have to pay taxes on the benefits Social Security pays out. But millions of people do -- and that number has been on the rise for years.
Fortunately, there's a solution. First, though, let's look at the full scope of the problem.
Source Fool.com
