The Social Security Administration is spreading misinformation about Trump’s reconciliation bill, falsely claiming it gets rid of federal earnings taxes on most retirees’ benefits.
It does so by furnishing an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can preserve extra of what they acquired.
Social Stability remains dedicated to supplying well timed, correct information to the general public and will proceed Doing the job carefully with federal partners to make certain beneficiaries know how this legislation could have an impact on them.
As a result, the extra $6000 deduction and no taxes on SS means absolutely practically nothing to us. We have been working with the upper charges but have received absolutely nothing Along with the passage with the BBB.
July twelve, 2025 three:20PM So essentially, mainly because I’m 43 and receive SSDI this Invoice improvements almost nothing for me Regardless that I labored Extensive HARD hrs to generate the minor bit of cash that I do get… since in between my partner and I, we do make below $150k a yr, but nonetheless more than enough that Section of mine is considered “taxable “
July eleven, 2025 2:45PM I've discovered a distinction in the way facts is presented by SSA. I see no specific facts on how this affects me for the long term. I am 73 now and would like to see our Added benefits not taxed. On the other hand, it’s a “I’ll imagine it After i see it” post.
The brand new law includes a provision that eradicates federal earnings taxes on Social Protection Advantages for some beneficiaries, supplying relief to men and women and partners.
The bill makes certain that nearly ninety% of Social Protection beneficiaries will no more spend federal cash flow taxes on their own Advantages, giving significant and quick reduction to seniors who've invested a life span contributing to our country’s economy.
By drastically cutting down the tax load on benefits, this laws reaffirms President Trump’s guarantee to safeguard Social Safety and aids be sure that seniors can much better enjoy the retirement they’ve acquired.”
July thirteen, 2025 6:13PM When you and/or your spouse labored difficult for decades and The federal government took deductions for SS then Certainly, a citizen deserves the payments they promised you in retirement. Far too negative that lots of citizens activity the technique and choose over they need to be entitled to get.
July twelve, 2025 eight:50PM You happen to be a person that should advantage. Talk with your tax man or woman- but as I realize it, you may post a new withholding kind to get significantly less taken out OR you'll be able to assert the $6k at tax time. I’m not an expert but that’s how I browse it.
There is absolutely no adjust from the taxability of social safety Advantages. The Monthly bill only provides a temporary bonus deduction of $6k for seniors sixty five+ and only earning underneath $75k if Solitary or $150k if married.
July fifteen, 2025 8:04AM I receive a small pension as well as my social protection monthly. I've a little investment account. If I pull dollars out, it causes my earnings to go the money limit and my SSI is taxed. Will this however be the case?
July 10, 2025 six:24PM How is any person supposed to trust this Administration’s postings when they are essentially biased and downright deceptive? Like Other people publishing on in this article, This here really is nothing but gaslighting and fanfare. The specifics espoused are spurious to say the least.
The info? The newly signed regulation is projected to even further to weaken the Social Protection program get more info and its profits. The SSA’s assertion is usually a blatant lie and falsely misrepresents the Monthly bill that was signed into regulation, and its harm to retirees.
Persons boasting social safety Rewards who are under 65 or higher than those earning thresholds will see no tax read more benefit.