Or are you one of the millions of Americans. like me, who received this email a few days ago? : Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors.
"The
Social Security Administration (SSA) is celebrating the passage of the
One Big, Beautiful Bill, a landmark piece of legislation that delivers
long-awaited tax relief to millions of older Americans.
The
bill ensures that nearly 90% of Social Security beneficiaries will no
longer pay federal income taxes on their benefits, providing meaningful
and immediate relief to seniors who have spent a lifetime contributing
to our nation's economy.
“This
is a historic step forward for America’s seniors,” said Social Security
Commissioner Frank Bisignano. “For nearly 90 years, Social Security has
been a cornerstone of economic security for older Americans. By
significantly reducing the tax burden on benefits, this legislation
reaffirms President Trump’s promise to protect Social Security and helps
ensure that seniors can better enjoy the retirement they’ve earned."
The
new law includes a provision that eliminates federal income taxes on
Social Security benefits for most beneficiaries, providing relief to
individuals and couples. Additionally, it provides an enhanced deduction
for taxpayers aged 65 and older, ensuring that retirees can keep more
of what they have earned.
Social
Security remains committed to providing timely, accurate information to
the public and will continue working closely with federal partners to
ensure beneficiaries understand how this legislation may affect them."
But my friends...not only is this email directly partisan and politically motivated, it isn't even true. But why would I expect anything different from the Trump administration. But once again silence from the GOP as the administration lies and disinforms the American public:
" The Trump domestic policy package, which Congress sent to his desk on
Thursday, extends the president’s expiring tax cuts he enacted in 2017,
and also creates a temporary tax deduction for earnings from tips and
overtime.
But it does not eliminate federal taxes on Social
Security. Budget reconciliation, the arcane process Senate Republicans
used to pass the bill while avoiding a Democratic filibuster, does not
allow changes to be made to Social Security.
The Trump package
does, however, include a temporary tax deduction of up to $6,000 for
seniors ages 65 and older, and $12,000 for married seniors. Trump’s
Council of Economic Advisers argued last month that nearly 9 in 10
seniors would not pay any federal taxes on their Social Security
benefits because the new deduction would eliminate their tax burden. "
So you might still pay federal taxes on your social security of your income exceeds that allowed under the earnings deductions...but for most of us things haven't changed much...well unless we itemize and forgo the new deduction limits.
BTW: for those of you who pay state taxes on your social security, you still will pay state taxes on your social security.
and I surrender to Blogger and give up trying to get the color editing right today. yikes...