Understanding the Impact of Tax Changes on Social Security Benefits

What is the primary goal of the new bill introduced in West Virginia regarding Social Security benefits?

• To phase out state income tax on Social Security benefits

• To increase state income tax rates

• To reduce federal taxes on Social Security

• To eliminate Social Security benefits entirely

Who proposed the bill to eliminate state taxes on Social Security benefits in West Virginia?

• The President of the United States

• The Republican Governor of West Virginia, Jim Justice

• The Democratic Governor of West Virginia

• The Mayor of Charleston, West Virginia

What is a significant feature of the new bill regarding Social Security tax benefits?

• It eliminates Social Security benefits for low-income individuals

• It increases taxes for all Social Security recipients

• It extends tax benefits to all Social Security recipients, regardless of income

• It only benefits individuals with high income

What is a major concern critics have about the tax cut proposal?

• It will increase the state's revenue significantly

• It will only benefit the wealthy

• It could strain the state's ability to fund essential services

• It will have no impact on the state's budget

What is the expected cost of the tax cut over the next few years?

• $10 million

• $500 million

• $37 million

• $100 million