New Mexico
One amazing thing is that New Mexico updated its tax policy on Social Security benefits, and now even if they tax them, it is more favorable for retirees. New legislation has introduced higher income thresholds, exempting many retirees from paying state taxes on their benefits.
If you are one of the single filers, Social Security benefits are fully exempt from state taxation if your annual income is $100,000 or less. If you are married and you are filing jointly with your spouse, Social Security benefits are not taxed for couples earning up to $150,000 annually.
These thresholds are an amazing solution, but higher earners will still need to pay taxes on a part of their benefits.
I agree, Social Security should not be taxed; however, because it’s “social” security, each individual should only get back in benefits what they put in minus the “social” cost for those who are disabled and unable to continue working and contributing during their working years. Also the tax cap on earnings should be increased considerably. To say 1-2 Million in income. The tax for everyone could then be reduced, especially for those who don’t earn more than say, 30 to 50k. I.e., Make the tax progressive like other income based taxes.
SS should not be taxed, I’m retiring in 1 year
and 9 months. We all have paid taxes all of I working lives and it’s our turn to get something back.
No taxes on Social Security while paying into while working . That’s double taxing a retirees
It is a waste of government resources to tax anyone under the median income. It only invites more government programs to return the money in the form of services at a premium.
As a disabled/retired teacher I knew SS would be low enough! But MY government wants to “double dip” me? Not ethical. Not affordable!! Total slap in the face……barely breathin’ here!!