Excerpt: “[Federal lawmakers] created two tools . that were intended to keep retirees . from profiting unfairly. The first tool was the government pension offset . which reduces a widowed spouse’s potential Social Security benefits by two-thirds if his or her partner received pension payments from a non-Social Security plan. The second was the windfall […]

Excerpt: “[Federal lawmakers] created two tools . that were intended to keep retirees . from profiting unfairly. The first tool was the government pension offset . which reduces a widowed spouse’s potential Social Security benefits by two-thirds if his or her partner received pension payments from a non-Social Security plan. The second was the windfall elimination provision . which uses a complicated formula to cut Social Security pension benefits by about 40 percent for retirees .” (Knight Ridder Newspapers)

5 pages. To Amend the Internal Revenue Code of 1986 to Repeal the 1993 Income Tax Increase on Social Security Benefits. (U.S. House of Representatives via The ERISA Industry Committee)

Excerpt: “CNN/Money asked tax information publisher CCH, Inc. to crunch some numbers demonstrating how high-income taxpayers would fare under the Pozen plan, the Wexler plan and a . plan that would raise the wage cap to $150,000. Take, for example, a two-earner household where each spouse earns $100,000 for a total of $200,000 in wages. Under the Pozen plan, they would pay an additional $290 combined. [A] one-earner household pulling in the same $200,000 . would pay an additional $1,595.” (CNN Money)

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