US Edition'Big beautiful' Senate bill touts tax help for seniors on Social Security. How it would work
- The U.S. Senate approved a major Republican-led tax reform package by a 51-50 vote, which includes a tax deduction for seniors on Social Security benefits set to take effect from 2025 through 2028.
- The bill follows failed efforts to end Social Security taxation, as Senate rules block benefits changes in reconciliation, so it offers a temporary senior deduction instead.
- The deduction allows up to $6,000 for taxpayers 65 and older, phases out for single filers above $175,000 and joint filers above $250,000 income, and benefits mostly lower- to middle-income seniors.
- The White House described the legislation as significantly reducing taxes on Social Security benefits, though it stops short of eliminating these taxes entirely; Howard Gleckman noted that the bill primarily aids those who are most in need.
- The bill’s temporary relief may reduce taxes for millions of seniors but costs about $30 billion annually and leaves Medicare and Social Security funding challenges unresolved.
11 Articles
11 Articles
Americans to see up to $12k extra on Social Security paycheck thanks to new law
MILLIONS of Americans could see extra money on their annual Social Security income under a new law that is expected to pass today. Those who meet just two requirements under stipulations in President Donald Trump’s budget restructuring bill will get to keep up to $12,000 more of their benefits. GettyCertain Americans will get to keep up to $12,000 more of their Social Security benefits thanks to a new bill[/caption] GettyAmericans must meet two …
Experts warn Senate tax bill accelerates Medicare and Social Security insolvency dates
The Senate-passed version of the Republicans' One Big Beautiful Bill Act that's now under consideration by the House would speed up the insolvency of the trust funds that help finance Social Security and Medicare, according to a new analysis.Last month, the trustees of the Social Security and Medicare trust funds released a report showing the trust funds are on pace to be depleted in less than a decade, at which time automatic benefit cuts would…
Senate Budget Bill Ups ‘Senior Bonus’ Tax Deduction to $6,000 - The Thinking Conservative
Senate version of OBB budget bill includes larger “senior bonus” tax deduction of $6,000 for seniors,$12,000 for couples, 65 and older beginning in 2025. The post Senate Budget Bill Ups ‘Senior Bonus’ Tax Deduction to $6,000 appeared first on The Thinking Conservative.
Trump's White House Reveals His "No Tax On Social Security" Pledge Is Becoming A Reality Through The BBB - The American Tribune.com
In yet another potentially very large win for President Trump, delivered by his Big, Beautiful Bill, it appears that the formulated tax credit for seniors on Social Security is just the right amount to ensure that his “No Tax on Social Security” pledge is fulfilled via the bill, in addition to pledges like “No tax on tips” and “no tax on overtime.” As background, during the 2024 presidential campaign, President Trump campaigned on the idea of a …
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