New Delhi, July 11 -- A new $6,000 tax deduction (or $12,000 for married couples) is the real reason most seniors won't pay taxes on Social Security benefits under Donald Trump's "One Big Beautiful Bill".
Available through 2028 to those 65+ earning ≤$75,000 individually or ≤$150,000 jointly, this deduction lowers taxable income so much that for 88% of seniors, up from 64%, their benefits effectively become tax-free.
But the law doesn't eliminate Social Security taxes directly; it just makes them disappear for many through this backdoor method.
The biggest winners are middle-income seniors. Those earning $50,000-$200,000 could see taxes on benefits reduced or erased because the deduction lowers their "combined income" used t...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.