The Social Safety Administration is spreading misinformation about Trump’s reconciliation Monthly bill, falsely professing it eradicates federal cash flow taxes on most retirees’ Positive aspects.
It does so by furnishing an Improved deduction for taxpayers aged sixty five and older, guaranteeing that retirees can retain more of what they earned.
Social Security continues to be devoted to furnishing timely, precise data to the general public and will continue Functioning carefully with federal companions to be certain beneficiaries understand how this legislation could have an impact on them.
As a result, the extra $6000 deduction and no taxes on SS means Certainly absolutely nothing to us. We're dealing with the higher fees but have acquired nothing Using the passage in the BBB.
July 12, 2025 three:20PM So essentially, since I’m 43 and receive SSDI this Monthly bill modifications nothing at all for me Despite the fact that I worked Prolonged Really hard hrs to receive the minimal little bit of cash that I do get… since among my partner and I, we do make below $150k a year, but nonetheless adequate that Section of mine is taken into account “taxable “
July 11, 2025 2:45PM I've discovered a variance in how facts is presented by SSA. I see no particular data on how this has an effect on me for the long run. I'm 73 now and would like to see our Added benefits not taxed. Nonetheless, it’s a “I’ll believe it After i see it” short article.
The new law includes a provision that eradicates federal revenue taxes on Social Security Added benefits for many beneficiaries, giving reduction to folks and partners.
The Invoice makes sure that nearly 90% of Social Safety beneficiaries will now not spend federal income taxes on their Gains, supplying meaningful and rapid aid to seniors who've put in a life time contributing to our country’s economic climate.
By appreciably reducing the tax stress on Gains, this laws reaffirms President Trump’s assure to shield Social Stability and assists be certain that seniors can improved more info take pleasure in the retirement they’ve gained.”
July 13, 2025 six:13PM Should you and/or your spouse worked tough for decades and the government took deductions for SS more info then Certainly, a citizen deserves the payments they promised you in retirement. Far too lousy that a great number of citizens sport the method and consider greater than they should be entitled to receive.
July twelve, 2025 8:50PM You might be a person that can advantage. Talk with your tax particular person- but as I realize it, you may submit a brand new withholding form to have fewer taken out OR you may claim the $6k at tax time. I’m not a professional but that’s how I read through it.
There isn't a read more alter within the taxability of social security Gains. The bill only presents A short lived bonus deduction of $6k for seniors 65+ and only earning down below $75k if Solitary or $150k if married.
July 15, 2025 eight:04AM I get a modest pension in addition to my social stability regular monthly. I've a small financial commitment account. If I pull money out, it triggers my profits to pass the profits Restrict and my SSI is taxed. Will this nonetheless be the situation?
July ten, 2025 six:24PM How is anybody alleged to believe in this Administration’s postings when they are essentially biased and downright deceptive? Like Other people putting up on here, This can be almost nothing but gaslighting and fanfare. The details espoused are spurious to mention the minimum.
The points? The freshly signed regulation is projected to further to weaken the Social Security program and its revenue. The SSA’s assertion is actually a blatant lie and falsely misrepresents the Monthly bill which was signed into regulation, in addition to its harm to retirees.
Individuals claiming social safety benefits who're beneath sixty five or earlier mentioned All those earning thresholds will see no tax gain.