Are We Breaking Up with Social Security Taxes?!

It's not you, it's me. 💔 Actually, it's a messy love affair with payroll taxes, senior income, and the fate of Social Security! 💰

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Lawmakers are proposing a new bill called the "You Earned It, You Keep It" act. If it goes through, the bill will reduce taxes for those on social security. It sounds like a nice perk for seniors, who will save some cash. But how does it affect the average Joe's paycheck? Also, is this just another way to try and get attention for a bill that won’t ever *actually* go anywhere? (There’s already three other SSA reform bills sitting in Congress as we speak, so…)

Here’s Five Fast Facts about *potentially* ending Social Security taxes:

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1. 📈 You’re not in my league  - The cut would be funded by raising the Social Security part of the payroll tax cap to $250,000 or more a year. Currently, wages over $147,000 aren't taxed. 
2. 🤑 You’re an Expensive Date - Next month, the Social Security Administration will release the 2023 Cost-of-living adjustment (COLA). Sources say it could be as high as 8% percent. A historic 5.9% increase was applied to benefits in 2022.
3. 💸 I’ve Got My Own Issues - A recent survey on senior citizens found that 49% said they have had to use their savings to adjust for inflation, and that many have no savings at all.
4. 📉 All You Do is Take, Take, Take - According to a 2021 annual report from the Social Security board, the Social Security fund will be emptied out by 2034-2035 if nothing is done to stop the bleeding.
5. ⛲ I Want Something that Will Last - If the plan goes through, experts estimate it would add another 25 years to Social Security's life expectancy. The idea being that increasing taxes on the payroll tax now for workers will help out retired folks in the long run.

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🔥Bottom line: Social security funds are being drained faster than a man’s wallet on the dating scene. Will an increase in the tax cap help? Will seniors get a little breathing room to spend more money on bingo and brunch? Will Millennials even get to experience Social Security after all? We'll keep our eyes on this one! 

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So what do you think? And we’re not asking you in the “does this dress make me look fat” way, but in the “Even if we disagree, we won’t make you sleep on the couch” way. 

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