You Earned It, You Keep It Act (S.2716 / H.R.2909)

No. As of August 2026, S.2716 (Senate) and H.R.2909 (House) are proposed legislation only. Both were referred to committee — S.2716 to the Senate Committee on Finance, H.R.2909 to the House Committee on Ways and Means (and, in addition, Energy and Commerce) — and neither has received a committee markup or a floor vote. No provision of this bill applies to any tax return.

It would amend the Internal Revenue Code to fully repeal the inclusion of Social Security benefits in gross income — eliminating federal income tax on Social Security benefits entirely, for every income level, replacing the current 0%/50%/85% provisional-income system rather than adjusting it.

Rep. Angie Craig (D-MN) introduced the House bill, H.R.2909, on April 14, 2025. Sen. Ruben Gallego (D-AZ) introduced the Senate companion, S.2716, on September 4, 2025. Every cosponsor recorded on both bills as of August 2026 is a Democrat; no Republican has cosponsored either version.

The bill's own offset is to extend the 12.4% Social Security payroll tax to covered wages above $250,000 — earnings that currently escape Social Security (OASDI) tax once they exceed the annual wage base ($184,500 in 2026). Because $184,500 is below $250,000, the offset as described creates a gap in between where no OASDI tax applies, a structure similar to earlier "donut hole" wage-base proposals.

The Committee for a Responsible Federal Budget estimates that fully repealing Social Security benefit taxation would cost over $1.7 trillion over the following decade, expand Social Security's 75-year actuarial shortfall by about 20%, and move up combined OASDI trust fund depletion by roughly two years (from 2034 to 2032) if enacted without an offset. The bill's sponsors instead cite the payroll tax expansion above $250,000 as more than covering that cost, and claim the combined package would extend full scheduled payments through 2058. These are two different calculations — CRFB's is an independent estimate of the repeal alone; the 2058 figure is the sponsors' own claim for the full bill including their offset — and neither is a CBO or SSA Office of the Chief Actuary score.

They are not the same thing. Current law (OBBBA) added a $6,000-per-person deduction ($12,000 for a married couple both 65+) for taxpayers age 65 and older, phased out between $75,000–$175,000 MAGI (single) or $150,000–$250,000 (MFJ), available only 2025–2028, and layered on top of provisional-income taxation rather than replacing it. This bill would instead repeal Social Security benefit taxation outright, for filers of any age, with no phase-out and no sunset — but it is not current law.