United States Congress
You Earned It, You Keep It Act
January 25, 2024
Summary
H.R. 7084 would repeal the income tax on Social Security benefits and eliminate the cap on wages subject to Social Security payroll taxes by applying the OASDI tax to all wages up to $250,000, above which the cap remains lifted. This bill does not directly regulate mortgage lending or servicing, but increased after-tax income for retirees could improve debt-to-income ratios for mortgage qualification. The quantitative HMDA context is not materially relevant to this tax legislation.
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Source: https://www.congress.gov/bill/118th-congress/hr-bill/7084
Common questions
- What does "You Earned It, You Keep It Act" cover?
- H.R. 7084 would repeal the income tax on Social Security benefits and eliminate the cap on wages subject to Social Security payroll taxes by applying the…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on January 25, 2024.
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