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Introduced in House (08/16/2022)
You Earned It, You Keep It Act
Most retired military don't realize their retired pay will be used to determine whether their social security is taxed at 50% or 85%. Even though your retired pay is taxed, your social security can be taxed again based on how much retired pay you have coming in and the rates are at 50-85%. This bill excludes Social Security benefits from gross income for purposes of federal income taxes, which if passed would eliminate this "ghost tax" no one mentions.
You Earned It, You Keep It Act
Most retired military don't realize their retired pay will be used to determine whether their social security is taxed at 50% or 85%. Even though your retired pay is taxed, your social security can be taxed again based on how much retired pay you have coming in and the rates are at 50-85%. This bill excludes Social Security benefits from gross income for purposes of federal income taxes, which if passed would eliminate this "ghost tax" no one mentions.
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Posted from congress.gov
Military Pay
Edited 9 mo ago
Posted 9 mo ago
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