While Social Security payments are going up in 2023, the same may be said for Social Security taxes.
Unfortunately, many seniors may see a great deal of their increase canceled out this way. But who will be required to pay more?
This chart from the Motley Fool shares info about brackets so you can see where you stand. But it’s important to note that it isn’t just federal taxes that you have to worry about — some states also demand you pay as well. However, this is only effective in some states.
The fact that seniors are forced to pay up on benefits is even more reason their benefits should be increased as much as possible. We aim to protect these benefits through our Social Security Lock-Box Petition.