“… The taxation of Social Security benefits was introduced in 1983. That was the ‘gift’ that the Greenspan Committee provided to us. What a creep. It was in actuality a reduction in the ‘benefit’ received by some who had contributed to social security. Naturally, those that were taxed under this Greenspan program was expanded in 1993. The Social Security 2100 Act would expand this threshold again … And here is the kicker, the threshold is not adjusted for price inflation, so over time more and more social security recipients will cross the threshold and be taxed. Then things get worse. …”
Read the full article on: Economic Policy Journal