Posted on 07/04/2025 4:56:09 AM PDT by vespa300
The Social Security Administration (SSA) is celebrating the passage of the One Big, Beautiful Bill, a landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.
The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation's economy.
“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned."
The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.
Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.
(Excerpt) Read more at ssa.gov ...
Indiana needs to get on board with that. I’ve considered moving out of state to one that doesn’t tax either, but there’s only like 7 or 8, I think.
“Yeah, the promise was no taxes on social security, clean and simple. So they did this crap, only in effect for 3 years, and are now claiming it’sa promise fulfilled.”
1. Eliminating tax on SS requires changing law. No way would we get 60 votes in the senate.
2. Trump has only been in office for six months.
IN GENERAL.—In the case of a taxable year beginning before January 1, 2029, there shall be allowed a deduction in an amount equal to $6,000 for each qualified individual with respect to the taxpayer.
“No one said a new tax bill. Your reading comprehension sucks.”
That is correct, which why you are dim witted as your handle. It would have taken a new tax bill to accomplish changing the tax code for Social Security with a 60 vote majority.
It is a little more complicated.
Your example shows zero income. Actually, you are allowed some income before SS becomes taxable.
https://www.ssa.gov/faqs/en/questions/KA-02471.html
It is the 4th. Keep your Russian propaganda till tomorrow.
“Paid for by more debt.”
Please explain why you are echoing democratic talking points on this great day?
“I applaud the bill and understand its limitations under the Byrd Rule “
The Byrd rule has nothing to do with this limitation.
12%: $11,926 to $48,475
22%: $48,476 to $103,350
24%: $103,351 to $197,300
24% of $12K is $2880 … that’s enough to cover my utilities for the year.
Tennessee doesn't appear to tax retirement income and I've heard property taxes are quite a bit lower. Even though Illinois doesn't tax retirement income, we still get dinged with high property, sales, and gas taxes.
Thanks for the info - but our kids are in their 40s. My concern is how being on a fixed income, having a reduction in income, and going into a higher tax bracket might affect my wife’s ability to exist comfortably. The “kids” would help, but neither really has resources to do a lot.
For now, I’ll just focus on making sure we don’t throw money away.
I hear ya there. I think I heard that Iowa and South Dakota don't tax retirement of SS income, but the winters are of course more btutal in those states. When I retired in 2023 I thought about trying to relocate to SD but when I saw the prices of housing I gave up on that dream. Iowa I hear is better but only if you stay away from the big cities.
So I dunno. I'm still paying below what everyone else is, for the time being, but the hardwriting is on the wall and I know my rental costs are going to increase dramatrically next year.
So would I want to live in a state where my income is not taxed, you betcha, but would the cost of living be any different, I doubt it.
Our national debt is not a “democratic talking point” and neither are statements that accept the BBB bill should have been passed, which is i agree with, while certain items should not have been in the bill.
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