The Social Stability Administration is spreading misinformation about Trump’s reconciliation Monthly bill, falsely declaring it eradicates federal cash flow taxes on most retirees’ benefits.
It does so by delivering an enhanced deduction for taxpayers aged sixty five and more mature, ensuring that retirees can continue to keep far more of the things they acquired.
Social Stability continues to be dedicated to furnishing well timed, precise information and facts to the general public and may continue on Functioning closely with federal associates to guarantee beneficiaries know how this legislation might affect them.
As a result, the extra $6000 deduction and no taxes on SS usually means Completely very little to us. We're coping with the upper fees but have acquired practically nothing With all the passage with the BBB.
July twelve, 2025 3:20PM So fundamentally, mainly because I’m forty three and acquire SSDI this bill adjustments practically nothing for me While I labored Very long Tough hours to earn the very little bit of money that I do get… mainly because between my spouse And that i, we do make below $150k a year, but nonetheless enough that Component of mine is considered “taxable “
July eleven, 2025 2:45PM I've discovered a difference in just how data is offered by SSA. I see no distinct data on how this has an effect on me for the long run. I am 73 now and would love to see our Added benefits not taxed. However, it’s a “I’ll believe that it After i see it” write-up.
The new legislation includes a provision that gets rid of federal money taxes on Social Safety Gains for some beneficiaries, offering aid to people and couples.
The Invoice makes certain that just about 90% of Social Protection beneficiaries will now not fork out federal income taxes on their Added benefits, delivering meaningful and rapid aid to seniors who definitely have put in a life time contributing to our nation’s financial state.
By appreciably minimizing the tax burden on Positive aspects, this laws reaffirms President Trump’s assure to safeguard Social Stability and can help make certain that seniors can far better enjoy the retirement they’ve attained.”
July 13, 2025 6:13PM In case here you and/or your spouse labored tough for many years and the government took deductions for SS then Certainly, a citizen deserves the payments they promised you in retirement. Much too negative that so many citizens video game the method and acquire over they need to be entitled to acquire.
July 12, 2025 eight:50PM That you are a single that may advantage. Check with your tax particular person- but here as I comprehend read more it, it is possible to submit a completely new withholding variety to get significantly less taken out OR you may declare the $6k at tax time. I’m not an expert but that’s how I read it.
There isn't any alter during the taxability of social safety Advantages. The Monthly bill only gives A short lived bonus deduction of $6k for seniors 65+ and only earning below $75k if One or $150k if married.
July 15, 2025 8:04AM I get a smaller pension in conjunction with my social safety regular. I have a little financial investment account. If I pull funds out, it triggers my income to move the profits limit and my SSI is taxed. Will this continue to be the case?
July 10, 2025 six:24PM How is anyone supposed to trust this Administration’s postings when they're essentially biased and downright deceptive? Like Some others posting on below, This is often almost nothing but gaslighting and fanfare. The specifics espoused are spurious to convey the the very least.
The points? The newly signed legislation is projected to more to weaken the Social Protection method and its profits. The SSA’s assertion is a blatant lie and falsely misrepresents the Monthly bill which was signed into regulation, and its damage to retirees.
Folks proclaiming social safety benefits that are below 65 or over those earning thresholds will see no tax benefit.