The GOP should triple the income level which seniors have to meet before their Social Security benefits are taxed.

Importantly, retirees that owe tax on Social Security income must make quarterly estimated payments to the Internal Revenue Service (IRS). Alternatively, retirees can request that a portion of their benefits be withheld by submitting a Form W-4V to their local Social Security office by mail or fax.

If your combined income is under $25,000 (single) or $32,000 (joint filing), there is no tax on your Social Security benefits.