Fairness in Social Security Act of 2023

Hozzl · 2024-12-20T09:06:15Z

Explore the details of House Bill 4348 Fairness in Social Security Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/20/2024, 9:06 AM

Summary of Bill HR 4348

Bill 118 hr 4348, also known as the Fairness in Social Security Act of 2023, aims to address issues of fairness and equity within the Social Security system. The bill was introduced in the US Congress with the goal of making improvements to the current system to ensure that all individuals receive the benefits they are entitled to.

One key aspect of the bill is the provision to increase benefits for certain groups of individuals, such as widows and widowers, who may currently be receiving lower benefits than they deserve. The bill also includes measures to address issues of inequality in benefit distribution, particularly for low-income individuals and those with disabilities.

Additionally, the Fairness in Social Security Act of 2023 seeks to improve the overall efficiency and effectiveness of the Social Security system by implementing measures to reduce fraud and abuse. This includes increased oversight and accountability measures to ensure that benefits are distributed fairly and accurately. Overall, the bill aims to promote fairness and equity within the Social Security system, while also working to improve the overall effectiveness and efficiency of the program. It is currently being debated in Congress, with supporters arguing that it is necessary to address longstanding issues within the system and ensure that all individuals receive the benefits they are entitled to.

Congressional Summary of HR 4348

Fairness in Social Security Act of 2023

This bill excludes from modified adjusted gross income, for income tax purposes, any lump-sum social security benefit payment (i.e., a payment of more than one month of social security benefits) that is attributable to months ending before the beginning of the taxable year. It also waives any statute of limitation for credits or refunds resulting from this bill.

Current Status of Bill HR 4348

Bill HR 4348 is currently in the status of Bill Introduced since June 23, 2023. Bill HR 4348 was introduced during Congress 118 and was introduced to the House on June 23, 2023. Bill HR 4348's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024