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 ...
Sorry.....didn’t see it was already posted. I did a search too.
Now go get Big Balls.
Paid for by more debt.
So how does this work exactly?
I applaud the bill and understand its limitations under the Byrd Rule but this is a little misleading. The deduction lasts 4 years and doesn’t help my middle class living when earning 150K but have reached FRA
I’d like to know how they get the 90% figure. It is just a $6000 extra deduction per person over age 65.It phases out after $150,000 AGI (filing jointly). No deduction at all after $175,000 (filing jointly) is what I read. Looks like a case of lying through statistics.
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.
That all we get from congress now because they claim it’s done. Same with overtime and tips. Caps, and they have to wait until filling time and claim done kind of expedition on taxes when filing.
Congress could screw up a rock fight.
Bait and Switch as far as I can tell.
A very complex way to provide relief for many but not all.
Standard deduct is 15K individual and 30K married. SS is 50% taxed up to 44K filing joint. So if you have (joint) 30K income and 16K SS, 30K is exempt and only 8 K of SS is taxable, but the deduction will make your taxes 0. I think
Congress
Tax on millionaires = tax on thousandaires
Tax cuts for the middle class = welfare for the poor
I should have said 22K SS - then not taxable
I'm guessing it's a guess.
...maybe I missed it but when does all this go into effect...? soon, or when the current federal fiscal year ends (Sept 30) and the next begins on Oct 1st...??
True. Good for us Boomers. The SALT cap increase is also very good for Californians like me.
But bad for future generations.
Worthless to me.
Assuming I live to a ripe old age, I’ll get a negative 1.5% return on my ssn.
And then I will be taxed on getting a portion of my money back.
Absurd.
So if you (joint) have 30K income, and up to 24K SS, you should pay no taxes
Wouldn’t worry - it doesn’t amount to anything.
The words are embarrassingly misleading -
Trump ought to be ashamed of himself.
And they had to do was remove SS checks from being included as taxable income. Simple and clean. So they gave us a smile and mirrors BS scam tear ends in 3.5 years.
And worse, now they claim it’s done so they won’t do a thing to actually fix it.
That’s real clear lol. We should have told the Republican congress we were Ukrainian.
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