Free Republic

House Republicans’ “one, big, beautiful” tax bill includes a new temporary $4,000 deduction for older adults. The change, called a “bonus” in the legislation, is aimed at helping retirees keep more money in their pockets and provides an alternative to the idea of eliminating taxes on Social Security benefits, which President Donald Trump and other lawmakers have touted. The temporary provision would apply to tax years 2025 through 2028. The deduction would start to phase out for single filers with more than $75,000 in modified adjusted gross income, and for married couples who file jointly with more than $150,000. As...

With Democrats in control of the House of Representatives, Congressman John Larson's, (D-CT) Social Security 2100 Act may pass the House. There are a lot of whizbang increases in benefits for social security beneficiaries in the bill but don't believe for a minute that is the center of the bill. The bill has been created to "fix" the growing deficit caused by outflows from the social security trust fund versus inflows.

WASHINGTON, D.C. – Americans support Social Security and are willing to pay more to preserve and even improve benefits, according to a new survey released today by the nonpartisan National Academy of Social Insurance (NASI). The new study, Strengthening Social Security: What Do Americans Want?, finds a sharp contrast between what Americans say they want and changes being discussed in Washington, such as cutting benefits by using a “chained” Consumer Price Index to determine Social Security’s cost-of-living adjustment (COLA). Large majorities of Americans, both Republicans and Democrats, agree on ways to strengthen Social Security — without cutting benefits. Fully 74%...