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Congressman Josh Riley of New York's 19th District is sponsoring the "You Earned It, You Keep It Act," a bill aimed at eliminating federal taxes on Social Security benefits. This legislation seeks to provide financial relief to seniors and bolster the Social Security program for future generations. According to data from the Social Security Administration, over 188,000 residents in Riley's district receive Social Security benefits.
If passed, the bill would take effect in 2026, shifting tax obligations to high-income earners by lifting the cap on the Social Security payroll tax. This approach aims to ensure economic fairness and fiscal responsibility, as emphasized by Riley. "Seniors paid into Social Security their entire lives," Riley stated. "It doesn’t make any sense to tax them on the benefits they earned."
The bill is currently headed to committee for further debate on its fiscal and political implications. It aligns with efforts by other lawmakers, including President Donald Trump, who has previously focused on eliminating taxes on Social Security benefits. The proposed legislation is designed to ease financial pressures on seniors living on fixed incomes and ensure that wealthier individuals contribute a fair share to the system.