The Social Security Administration is spreading misinformation about Trump’s reconciliation Monthly bill, falsely declaring it removes federal revenue taxes on most retirees’ Added benefits.
It does so by offering an enhanced deduction for taxpayers aged 65 and older, making sure that retirees can preserve extra of what they gained.
Social Security stays devoted to providing timely, correct data to the general public and will proceed Functioning intently with federal partners to be certain beneficiaries know how this legislation could influence them.
Therefore, the extra $6000 deduction and no taxes on SS suggests absolutely nothing to us. We are handling the upper expenses but have obtained almost nothing Along with the passage with the BBB.
July twelve, 2025 3:20PM So generally, due to the fact I’m 43 and receive SSDI this bill improvements almost nothing for me While I worked Lengthy Difficult several hours to receive the very little bit of money that I do get… mainly because concerning my partner And that i, we do make underneath $150k a yr, but nonetheless adequate that Portion of mine is considered “taxable “
July eleven, 2025 2:45PM I've noticed a change in how details is introduced by SSA. I see no particular details on how this impacts me for the long term. I'm 73 now and would like to see our Rewards not taxed. Nevertheless, it’s a “I’ll consider it Once i see it” posting.
The new legislation includes a provision that gets rid of federal cash flow taxes on Social Safety Gains for many beneficiaries, giving relief to folks and partners.
The bill makes sure that practically ninety% of Social Security beneficiaries will no more pay back federal earnings taxes on their Gains, providing meaningful and fast aid to seniors who've put in a life time contributing to our country’s economic climate.
By appreciably lessening the tax burden on Rewards, this laws reaffirms President Trump’s guarantee to guard Social Safety and will help make sure seniors can better enjoy the retirement they’ve attained.”
July 13, 2025 6:13PM If you and/or your spouse worked difficult for decades and the government took deductions for SS then YES, a citizen deserves the payments they promised you in retirement. Also lousy that so many citizens sport the process and choose greater than they ought to be entitled to get.
July 12, 2025 eight:50PM You're a single that should advantage. Talk with your tax individual- but as I realize it, you are able to submit a new withholding variety to acquire considerably less taken out OR you'll be able to assert the $6k at tax time. I’m not a specialist but that’s how I examine it.
There isn't any transform while in the taxability of social stability Positive aspects. The bill only presents A brief reward deduction of $6k for seniors 65+ and only earning under $75k if One or $150k if married.
July 15, 2025 eight:04AM I get a smaller pension together with my social protection month-to-month. I have a little financial commitment account. If I pull money out, it results in my earnings to pass the revenue limit and my SSI is taxed. Will this still be the situation?
July 10, 2025 six:24PM How is any one speculated to believe in this Administration’s postings when they are fundamentally biased and downright misleading? Like Other folks posting on listed here, This can be very little but gaslighting and fanfare. check here The specifics espoused are spurious to mention the minimum.
The specifics? The newly signed regulation is projected to further more check here to weaken the Social Stability software and its income. The SSA’s statement can be a get more info blatant lie and falsely misrepresents the Monthly bill which was signed into legislation, as well as its damage to retirees.
Folks claiming social security Positive aspects who are beneath 65 or previously mentioned Individuals earning thresholds will see no tax benefit.