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.
It is just sad for your Social Security to be tax. Especially after you worked all these years. Just SAD, SAD.
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!!
Any state that taxes social security the people must vote all of the legislatures from the governor down all out of office. Social security was and has been abused for a long time by beaurocrats
SS, Should not be taxed. Retirees earned this amount n wouldn’t that be double taxing. The U.S.Government should step in an make it a law that all States n U.S. Territories stop taxing SS.
so correct you are. we pay when we earn and we pay when we spend and then the IRS every year and we are by no means rich. In todays economy, my 63 year old husband works 60 & 70 hour weeks delivering concrete with 2 hip replacements. just to make ends meet s.s. is not an income you can survive on. they say he makes to much so we have to pay, needless to say they tax him severely before he even gets paid. we have no savings left, being on disability at 50, I was told I would not survive, 16 years later, still disabled, paying taxes while the rich get richer. I am now retirement age, what a mess, Thank the Good Lord I started working at 15 in the 70’s. 65 and still paying them due only to my s.s check !!!
I feel its very wrong to be taxed an money that was alresdy been taxed while working, isnt that double taxation.?????