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Executive Director of the Alliance for Retired Americans Rich Fiesta, joined the America’s Work Force Union Podcast to discuss state taxation of Social Security benefits, and the Alliance’s efforts to eliminate state taxes on the funds received from Social Security. Fiesta also discussed the ongoing debt ceiling conversation, adding some of the recent updates on proposed budget cuts.
Missouri recently passed a bill to eliminate state taxes on Social Security benefits received by residents. With that elimination, there are now only 10 states that still tax its residents' Social Security payments. Fiesta discussed the Alliance’s plan to eliminate any state from taxing Social Security. While the bill eliminates the state tax, if a resident receiving benefits earns more than $25,000 per year they would still be required to pay federal taxes.
Fiesta also commented on recent developments in to the ongoing federal debt ceiling negotiations. This included an approval vote from 217 House Republicans to reduce funding to the Social Security Administration. Fiesta shared the number of public assistance programs that might face cuts, saying that combined they will total a 22 percent decrease in the budget. While it would be ideal to not have any major cuts to Social Security, Fiesta warned that they were likely, and if they happen there would be cuts to the staff not to the funding of benefit payments.
Many so-called public assistance programs are facing major cuts in lieu of raising the debt ceiling. However, House Democrats have been fighting back against such proposals, Fiesta said. There is a belief that legislators could avoid cuts to crucial retiree programs like Veteran Affairs, Medicare and Social Security. If there are major cuts, he believes it will create an insurmountable backlog.
Listen to the entire episode to learn more.
America’s Work Force is the only daily labor podcast in the US and has been on the air since 1993, supplying listeners with useful, relevant input into their daily lives through fact-finding features, in-depth interviews, informative news segments and practical consumer reports. America’s Work Force is committed to providing an accessible venue in which America's workers and their families can hear discussion on important, relevant topics such as employment, healthcare, legislative action, labor-management relations, corporate practices, finances, local and national politics, consumer reports and labor issues.
America’s Work Force Union Podcast is brought to you in part by our sponsors: AFL-CIO, American Federation of Government Employees, American Federation of Musicians Local 4, American Alliance for Manufacturing, Anthem Blue Cross Blue Shield, Columbus/Central Ohio Building and Construction Trades Council, Communication Workers of America, International Association of Heat and Frost Insulators and Allied Workers, International Association of Heat and Frost Insulators and Allied Workers Local 50, International Brotherhood of Teamsters, International Federation of Professional and Technical Engineers, International Union of Bricklayers and Allied Crafts, International Union of Painters and Allied Trades District Council 6, Ironworkers Great Lakes District Council, The Labor Citizen newspaper, Laborers International Union of The National Labor Office of Blue Cross and Blue Shield, North America, North Coast Area Labor Federation, Ohio Federation of Teachers, Survey and Ballot Systems, United Labor Agency, United Steelworkers.
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