The Social Security Administration is spreading misinformation about Trump’s reconciliation bill, falsely claiming it removes federal cash flow taxes on most retirees’ Rewards.
It does so by furnishing an Increased deduction for taxpayers aged sixty five and older, making certain that retirees can retain much more of what they earned.
Social Security continues to be devoted to giving timely, accurate information and facts to the general public and can proceed Functioning closely with federal partners to make certain beneficiaries know how this legislation might have an effect on them.
Consequently, the additional $6000 deduction and no taxes on SS means Unquestionably nothing at all to us. We are managing the upper charges but have acquired nothing at all with the passage with the BBB.
July 12, 2025 three:20PM So fundamentally, for the reason that I’m 43 and get SSDI this Monthly bill changes nothing at all for me Despite the fact that I labored LONG Tough several hours to get paid the little bit of cash which i do get… since between my husband and I, we do make under $150k a year, but nonetheless ample that Section of mine is taken into account “taxable “
July 11, 2025 two:45PM I've noticed a variance in just how details is presented by SSA. I see no certain facts on how this influences me for the long run. I am 73 now and would like to see our Gains not taxed. Nonetheless, it’s a “I’ll imagine it Once i see it” write-up.
The new law features a provision that gets rid of federal cash flow taxes on Social Protection Rewards for many beneficiaries, offering relief to individuals and partners.
The Invoice ensures that nearly ninety% of Social Safety beneficiaries will no longer pay back federal cash flow taxes on their benefits, furnishing meaningful and speedy reduction to seniors who may have spent a life span contributing to our country’s economic system.
By substantially decreasing the tax stress on Positive aspects, this laws reaffirms President Trump’s guarantee to shield Social Safety and can help be certain that seniors can much better take pleasure in the retirement they’ve gained.”
July 13, 2025 six:13PM If you and/or your wife click here or husband labored difficult for many years and more info The federal government took deductions for SS then Sure, a citizen warrants the payments they promised you in retirement. Far too bad that countless citizens activity the method and acquire greater than they need to be entitled to get.
July twelve, 2025 eight:50PM That you are a single that could benefit. Speak with your tax man or woman- but as I are aware of it, you can submit a brand new withholding type to get considerably less taken out OR you may assert the $6k at tax time. I’m not a professional but that’s how I examine it.
There is no improve during the taxability of social security benefits. The Monthly bill only offers A short lived bonus deduction of $6k for seniors sixty five+ and only earning below $75k if Solitary or $150k if married.
July 15, 2025 eight:04AM I receive a tiny pension in addition to my social security every month. I have a little financial commitment account. If I pull money out, it results in my income to pass the income Restrict and my SSI is taxed. Will this even now be the case?
July 10, 2025 6:24PM How is everyone designed to trust this Administration’s postings when they're fundamentally biased and downright misleading? Like Other people publishing on below, This really is nothing at all but gaslighting and fanfare. The points espoused are spurious to mention the least.
The facts? The newly signed regulation is projected to even more to weaken the Social Security method and its revenue. The SSA’s statement can be a blatant lie and falsely misrepresents the Monthly bill which was signed into law, together with its hurt to retirees.
Folks claiming social safety Positive aspects who will be under 65 or previously mentioned Those people earning thresholds will see no tax benefit.