Republican Senators Want To Phase Out Social Security Tax
ST. PAUL, Minn. (AP) — Senate Republicans want to ditch Minnesota's tax on Social Security checks.
Minnesota is one of just seven states that apply an income tax to Social Security. Seniors who make less than $25,000 a year are exempt.
A group of state Senate Republicans introduced a bill Tuesday that would phase out the Social Security tax over the next decade.
Sen. David Senjem, a Rochester Republican, says the change would make it easier to retire in Minnesota and stop seniors from fleeing the state for lower taxes.
Scrapping the tax would cost the state $127 million just over the next two years. Proponents of the bill say they think the economic benefits of seniors sticking around will outweigh the lost revenue.
(© Copyright 2015 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
