Taxes on rise in 2024 for some Social Security recipients
By Arjun Singh
Daily Caller News Foundation
Some beneficiaries of Social Security are likely to see their tax payments increase in 2024 as a result of inflation-driven increases to their benefits, according to a report by CBS News.
Every year, the amount of money paid to a Social Security beneficiary increases to account for inflation, known as cost-of-living allowance (COLA). In 2024, the COLA is set to increase all benefits by 3.2%, which will place some Americans in a higher tax bracket and, hence, lead to them paying more taxes than previously, CBS reported.
“There is a wide misperception, and it’s not helped by social media at all, that Social Security recipients don’t pay taxes, and that’s not at all the case,” said Mary Johnson, a policy analyst for Social Security and Medicare at the Senior Citizens League to CBS News. “We are dealing with the tax side of inflation here, and inflation can drive up your taxes.”
Today’s 3.2% #COLA announcement is welcome news, but Social Security benefits haven’t kept pace with the everyday costs that seniors face. After decades of inaction, now is the time to enhance benefits & improve the COLA by passing Social Security 2100! pic.twitter.com/R4rneWg9EV
— Rep. John Larson (@RepJohnLarson) October 12, 2023
In 2024, beneficiaries who receive between $25,000 to $34,000 a year will have income tax on up to 50% of the benefits, while recipients of over $34,000 will have 85% of their benefits being taxable, CBS reported. The ranges differ for joint filers of income tax, such as two elderly spouses, whose equivalent ranges are $32,000 to $44,000 for a 50% tax rate and above $44,000 for an 85% tax rate, respectively.
Inflation will also affect non-beneficiaries whose payroll taxes currently fund the program. The top threshold for earnings subject to the tax will rise to $168,600, an increase of $8,400, at a tax rate of 6.2%, CBS reported.
The COLA will increase some beneficiaries’ payments to a significant amount, with the top earners of Social Security receiving up to $5,000 in monthly payments. However, because these beneficiaries paid the maximum over their lifetimes, they are generally likely to be wealthy and non-reliant on Social Security payments.
“The only way to get it is if you’re [Apple CEO] Tim Cook and you have been paying the maximum” into your payroll taxes, she joked. “It’s like the 1% to 2%.”
On average, the monthly benefit paid to beneficiaries will rise to $1,907 per month in 2024 from $1,848 in 2023.
The White House did not immediately respond to a request for comment.
This story originally was published by the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.
IMPORTANT NOTE TO WND READERS: America – long the freest, most prosperous, powerful, altruistic and Christian nation on earth – is on the brink of destruction. Every decent and aware American adult knows this. The evidence is everywhere.
Democrat politicians today overwhelmingly favor late-term abortion up to the very moment of birth – formerly known as "infanticide." They encourage children too young to drive or vote to have their breasts and/or sex organs amputated in pursuit of a "gender transition" that is both delusional and impossible, and which leads to staggering rates of depression and suicide. They have not just allowed, but ENGINEERED, a full-scale foreign invasion of America across her southern border.
Their standard bearer, President Joe Biden – a senile, pathologically dishonest and epically corrupt career political hack – is destroying America's economy, energy sector, military, law enforcement, election integrity, national security, Constitution and overall national wellbeing as rapidly as possible. At the same time, Team Biden demonizes and, increasingly, IMPRISONS critics as "violent extremists," "domestic terrorists," "white supremacists" and "insurrectionists." Indeed, they're currently engaged in an obviously corrupt multi-front legal war against Biden's chief political rival, Donald J. Trump, in an attempt to send the 45th president of the United States to prison for the rest of his life.
None of this constitutes "politics" in any conventional or traditional American sense. Rather, it is all darkly spiritual. The greatest nation on earth is in the throes of a full-blown spiritual war between good and evil.
The big question, then, is WHAT CAN BE DONE TO SAVE AMERICA? Fortunately, real answers and uncommon wisdom are showcased in the December issue of WND's critically acclaimed monthly Whistleblower magazine, "CAN AMERICA BE SAVED? The world's freest, most Christian nation is on the brink of destruction."
In this very special issue, readers will experience the best and deepest thoughts and strategies on how to restore America to her former goodness and greatness, from some of the nation's most respected analysts – everyone from Tucker Carlson to Dennis Prager to Victor Davis Hanson to Newt Gingrich and many more.
WHISTLEBLOWER is available in both the popular print edition and a state-of-the-art digital version, either single issues or discounted annual subscriptions.
For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
The post Taxes on rise in 2024 for some Social Security recipients appeared first on WND.