The bill doesn’t eliminate the Social Security tax. Provides a tax deduction for those who qualify. The tax deduction: TEMPORARY and EXPIRES in 2028. Provisions benefiting wealthy individuals and corporations, are designed to be PERMANENT. The Bill is a win for the wealthy. A lost for Americans.
It does nothing to the tax treatment of Social Security benefits. Nothing. There is some language in the bill involving a deduction for being a senior, but it is unrelated to Social Security. I question the value of that deduction and how it interacts with the SALT increase and standard deduction.
The senior bonus deduction language prevents anyone under the age of 65 who is a SS beneficiary from qualifying for the deduction. For example: Disabled and under the age of 65 or children who receive benefits of a deceased parent(s) do not qualify for the deduction.
Like I said, it has NOTHING to do with Social Security. There is nothing in the "BBB" regarding Social Security Benefits. If you scan the text, zippo. If you just scan for "Social Security" there are 91 instances of the text, but usually in conjunction with "number" as a restriction to something.
It doesn't directly alter the calculation of Social Security taxes but for over 65 higher income individuals it can indirectly affect the taxability of Social Security benefits.
Well that sucks. I took early retirement at 62.5 and will be 64 this year so I'm fucked again by this administration because by the time I qualify for the tax break, it will expire two years later.
The view of The Lunatic in the White House is the government doesn’t serve the people. The people serve the government. His number one priority will always be how he profits. Not how the American people will profit.
I guess that's why he chose the republican party. Not only are they idiots but they apparently also believe that the people serve the government. It is so obvious that his number one priority is how much money he can grift off his stupid followers and the American people.
The "senior deduction" is not linked to Social Security benefits in any way. It's just age-related. But here's the thing... If you're ALREADY low-income-enough to have NO TAX on your benefits, as most are, you get nothing! It's not a "refundable credit." It only benefits higher-income seniors!
I was trying to find that this morning. I would like to repost it again and again and again.
I already don't make enough to pay taxes on my SS. And I have my survivors benefit and my late hubs tiny pension. Most I know don't have what I do.
Approximately 50% of beneficiaries do not pay taxes on benefits.(SSA) Temporary deduction is only for tax filers age 65 and older: Ind.-$6,000 Married-$12,000 Full Deduction, incomes up to: Ind.-$75,000 Married-$150,00 Deduction phases out,ending at incomes: Ind.-$175,000 Married-$250,000