S 2716
You Earned It, You Keep It Act
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Bill overview
The "You Earned It, You Keep It Act" proposes to repeal the taxation of Social Security benefits and make changes to how wages are calculated for Social Security tax purposes. Specifically, it would eliminate the inclusion of Social Security benefits in an individual’s gross income. The bill also includes provisions to adjust the calculation of wages above a certain base amount ($250,000) after 2025, impacting how income is taxed, and modifies the Social Security benefit formula to consider earnings exceeding $250,000. Finally, it addresses the taxation of self-employment income, particularly for those earning over $250,000.
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