Note From The Federal Retirement News:
Firstly, we feel Mr. Trump and his administration is doing a great job. However, he, his administration, as well as conservative-leaning media is manipulating and in some cases outright lying, stating that The Big, Beautiful Bill 'ends taxes on Social Security' which it absolutely does not. It offers an increase in the Standard Deduction that will help seniors, yet is also only temporary. With that being said, it only goes to prove, you cannot trust everything you read or hear from ANY side of politics. You, as an individual must take the time to research ALL THINGS. Additionally, do not just regurgitate what you hear or read. If you do, you will only make a fool of yourself to those that do educate themselves appropriately. Don't be sheep!
Article Snip: "...AI Overview
No, the "Big, Beautiful Bill" does not eliminate taxes on Social Security benefits entirely, but it does include a temporary $4,000 increase to the standard deduction for those 65 and older. While this deduction may help offset some taxes on Social Security for some individuals, it falls short of President Trump's campaign promise to eliminate all taxes on Social Security benefits.
Here's a more detailed explanation:
Trump's Promise:
During the 2024 election, President Trump pledged to eliminate all income taxes on Social Security benefits.
The Bill's Provision:
The "One, Big, Beautiful Bill" (H.R. 1) includes a temporary $4,000 increase to the standard deduction for those 65 and older.
Impact of the Deduction:
This deduction would be in effect from 2025 to 2028 and could help reduce the tax burden on Social Security income for some, but it doesn't eliminate it completely.
Cost of Elimination:
Eliminating taxes on Social Security benefits entirely would be significantly more costly than the proposed $4,000 deduction.
Other Provisions:
The bill also includes provisions to make expiring tax cuts permanent, potentially impacting the overall tax burden for some seniors.
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