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Higher Tax Bills Are Coming for Social Security Retirees. Here's Why

Higher Tax Bills Are Coming for Social Security Retirees. Here's Why

More retirees who collect Social Security benefits are going to owe taxes on that retirement income this year and next compared with prior years. Why is surging inflation increasing taxes for older Americans? Inflation is currently at a 40-year high, with a consumer price index in June showing that goods and services cost 8.6% more than they did a year ago.