Tax and financial planning news from around the web: September 8 – 12, 2025

Congress proposes to eliminate taxes on Social Security, extend health insurance credits 

Lawmakers introduced two pieces of legislation in Congress this week to eliminate taxes on Social Security benefits and extend the premium tax credits for health insurance for one year, addressing gaps in the recently passed One Big Beautiful Bill Act. 

The cost of the employee retention tax credit 

The Joint Committee on Taxation initially projected that the ERC would cost $78 billion, but costs came in much higher because of an extended claiming period and a flood of questionable claims. As of September 2023, the ERC was on pace to reach a final cumulative cost of $567 billion.