You Earned It, You Keep It Act

This proposal, called the “You Earned It, You Keep It Act,” would stop counting Social Security benefits as taxable income. That means retirees and people with disabilities would no longer pay federal income tax on their Social Security benefits, which could lower tax bills and make filing simpler.

It also adds special rules for people who work for more than one employer in the same year. The bill sets how any extra Social Security payroll tax would be calculated and limits related refunds, and it applies similar rules to certain railroad retirement taxes.

• Who is affected: Social Security beneficiaries; workers with multiple jobs; some railroad workers.
• What changes: Social Security benefits would no longer be taxed as income; new rules would make sure the right amount of payroll tax is paid when you have multiple employers, and refunds are coordinated; similar treatment for certain railroad retirement taxes.
• When: The provided text does not state an effective date.