We were told Social Security would not be taxed! We have paid tax on it once already, guess seniors did not have enough clout!
Those of us who listened were told that SS taxes cannot be eliminated in any bill that could be passed with a majority only vote (BYRD RULE). Bills need to get through both houses. The workaround of a 6K tax credit was the best that could be done in this bill with the majorities we have in the house & senate.
This is not a one & done and after midterms with a stronger majority more could be accomplished.
Under the One Big Beautiful Bill, the vast majority of senior citizens — 88% of all seniors who receive Social Security — will pay NO TAX on their Social Security benefits, according to a brand new analysis from the Council of Economic Advisers.
Married seniors who both receive the average $24,000 Social Security income — a total of $48,000 in annual income — will also see deductions that exceed their taxable Social Security income. (ditto single w/24K SS income).
Money limits: Full cut for seniors making up to $75,000 and couples making up to $150,000. The cut goes away fully at $175,000 (single) and $250,000 (joint).