Social Security, Donald Trump and Retirees
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MiBolsilloColombia on MSNThe White House Claims Social Security Tax Elimination, But It's Just a Deduction for SomeIn a move that caught the attention of millions of American retirees, the Trump administration announced a tax relief plan for seniors.
The Social Security Administration says most won’t pay federal income taxes on their benefits. But Congress didn’t directly exempt those payments from taxes.
Per the same White House statement, 64% of seniors aged 65 and older who are collecting Social Security are already exempt from having their benefits taxed, due to various exemptions and deductions.
The White House issued a statement on July 1 saying that "Under the One Big Beautiful Bill, the vast majority of senior citizens -- 88% of all seniors who receive Social Security -- will pay NO ...
Senate Republicans are attempting to work through disagreements and pass President Trump’s ‘one big, beautiful bill’ ahead of their July 4 deadline. WSJ’s Richard Rubin explains where the tax-and-spending bill stands.