This Social Security change made headlines in 2023 — will more changes like it follow in 2024?
The state of Missouri decided to exempt Social Security and public pension payments from state income taxes. The result was mixed feedback, with many budget items being vetoed as the state’s revenue was set to drop by over $300 million.
But could more decisions like this follow in the coming year? Could the money that seniors put back into the state’s economy benefit local businesses? Could this create a net positive as a result?
Many states don’t tax Social Security. Some say this is the right approach to take. What are your thoughts? Do you support this move? Why or why not?