US EditionSocial Security Administration praises Trump’s agenda bill in widely sent out statement
UNITED STATES, JUL 4 – The bill reduces taxes on Social Security benefits for nearly 90% of seniors but experts warn it will speed up trust fund depletion and trigger future benefit cuts.
- The Social Security Administration sent an email on July 3 celebrating the passage of President Trump's legislative tax relief bill for seniors.
- The bill introduces an additional $6,000 standard deduction specifically for individuals 65 years old and above, but it stops short of completely exempting Social Security benefits from taxation.
- While many seniors will receive some tax benefits, critics caution that the resulting reduction in revenue could cause Social Security and Medicare trust funds to run out of money about a year earlier than previously projected.
- Frank Bisignano, the Social Security Commissioner, described the legislation as a landmark achievement for American seniors, emphasizing that it upholds President Trump’s commitment to safeguarding Social Security.
- Experts caution lower-income seniors benefit less from the bill, raising concerns about future automatic benefit cuts to all recipients if trust funds deplete sooner.
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