"In 1983, Congress enacted an amendment to the Social Security program allowing the Internal Revenue Service to tax up to 50% of the benefits of individuals earning more than $25,000 a year and couples with more than $32,000 in earned income. A second amendment was added in 1993 that further expanded what benefits were taxable. Up to 50% of a retirees’ Social Security benefits become taxable with earned income of $25,000 to $31,999 for an individual, and $32,000 to $43,999 for joint filers. Earned income above these amounts would allow for up to 85% of a Social Security recipients’ benefits to being taxed."
In my opinion, Senior citizens should not have to pay taxes on Social Security benefits. Seniors have a hard enough time making ends meet as it is, the government should not be making life any more difficult for some of our most vulnerable citizens. In 2017, the West Virginia State House of Delegates voted to exempt social security benefits for those who make up to one hundred thousand dollars. I think Social security benefits should not be taxed at all, but I still would have compromised and voted for the bill. The West Virginia State Senate did not pass the legislation however, and the Social Security tax exemption did not become law, see the PBS article listed below for more.
According to the WVnews.com article below, eliminating state taxes on Social Security benefits would cost the state 24 million dollars. Helping our senior citizens make ends meet is well worth the cost. They were working and paying taxes while the rest of us were still children, they helped to build the world around us. Now, we have an opportunity to help them. I say we exempt Social Security benefits from state income taxes.
Exempting Social Security benefits will also make West Virginia a more popular place to retire, and may convince people to stay in our state when they reach retirement age. West Virginians leaving our state is an old problem, and exempting social security benefits may help convince people to stay. West Virginia is one of only four states that tax Social Security benefits the same way the federal government does. That's a list we should not be on.
Some of the 24 million dollars that is used to give Seniors this tax break, will come back to the state. Most of the money saved by seniors will be spent right in our communities for groceries, gas, any sort of sales, and sales tax from that will be collected.
There are ways, without raising taxes on anyone, that West Virginia can make the money back. One interesting way I heard about this week, is legalizing sports betting in our state. If legalized, it is estimated that sports betting can bring in millions of dollars a year. Federally, sports betting is illegal, but that may change soon. See the West Virginia metro news article below for more. There are other ways we can raise money, legalizing recreational marijuana, removing the final restrictions to hunting on Sundays, etc. etc. West Virginia can make this money up, it just takes creativity and the courage to implement.
Its time for West Virginia to stand up for our senior citizens, and give them the tax break they deserve. Vote for me, Roger Vannoy, in the Democratic primary on May 8th, and the general election in November, and I'll vote to exempt Social Security benefits from income tax in the West Virginia House of Delegates.
http://www.foxbusiness.com/markets/2017/04/08/does-my-state-tax-social-security-benefits.html
http://time.com/money/4502741/social-security-state-taxes/
https://www.usnews.com/news/best-states/west-virginia/articles/2017-05-19/west-virginia-house-backs-alternative-tax-overhaul
https://www.wvnews.com/news/wvnews/house-democrats-unveil-legislative-priorities/article_e80d4fdd-8064-5ff5-a0b2-168de0d482e4.html
http://wvmetronews.com/2018/01/25/west-virginia-lottery-pushing-legalizing-of-sports-betting-in-wv/
https://www.usnews.com/news/best-states/west-virginia/articles/2017-06-21/west-virginia-governor-wont-sign-budget-amid-tax-impasse
http://wvpublic.org/post/wva-legislature-passes-budget-cuts-no-tax-increases#stream/0
