If a single taxpayer has an income higher than $34,000 and taxpayers filing jointly have a greater income than £34,000 and $44,000, respectively, they will pay up to 85 percent on their benefits.
According to the Congressional Research Service, around half of older households in the US are subject to tax on Social Security payments.
It is estimated the number of people who will be taxed will only rise as cost-of-living – adjustments, Social Security benefits and income from pensions, savings, and other sources continue to go up.
The TSCL calculated that if income thresholds had been adjusted similarly to tax brackets, the $25,000 threshold for single filers would be roughly $73,000 (£59,047.51) and the $32,000 level would be $93,200 (£75,386.68) as of today.
