Fortunately, no. The amount of the benefits includible in gross income may be zero, somewhere between zero and 50%, or somewhere between 50% and 85%; 85% is the maximum taxable percentage. The exact amount depends on the amount of your net benefits, your tax-free interest from municipal bonds, and your overall income.
An annual payment of money by a company or individual to a person called the annuitant. Payment is for a fixed period or the life of the annuitant. Tax consequences depend on the type of contract and funding.