Attention Senior Gays - No Tax on Social Security

It's not that simple, OP.

[quote]Except the bill doesn’t eliminate Social Security taxes at all.

[quote]Instead, the bill creates a new, additional tax deduction specifically for seniors 65 and over that is designed to provide the most relief for people on limited income.

[quote]The White House acknowledged that even by its own analysis, the deduction would not eliminate Social Security taxes for all recipients,

OP...R1 is correct.

Trump's promise of no tax on Social Security was just another Trump lie and Congressional bullshit.

Also, no tax on Social Security will rapidly increase it's demise.

✅ Eligibility for the $4,000 Senior Deduction To qualify, you must:

Be age 65 or older by the end of the tax year.

Have an adjusted gross income (AGI) below certain thresholds:

Single filers: Full $4,000 deduction if AGI is $75,000 or less.

Married couples filing jointly: Full $4,000 per spouse (up to $8,000 total) if AGI is $150,000 or less.

UGH - I will be over the $75,000 (thankfully) so not applicable to me....

OP is a lying fucktard MAGAt spreading disinformation, F&F

"NO TAX" should be nothing deducted from monthly payment, not this complicated con job.

I read it amounts to about $500 in tax relief max. Ten bucks a week is ten bucks a week, but shit, that’s a long way from “No Taxes on Social Security”

What about overtime?

^ no tax on overtime through (or maybe to) 2028

No tax on SS because they're doing away with SS!

In 41 states, there's no tax on monthly Social Security.

Do you have to be Gay to get the Senior deduction?

R11 Be a bit more specific. In 41 states there’s no STATE income tax on Social Security.

It’s taxed by the Federal government everywhere.

until 1983, Social Security benefits were not taxed. Congress passed and President Reagan (R), signed into law the 1983 Amendments. Under the '83 Amendments, up to one-half of the value of the Social Security benefit was made potentially taxable income. I wish news media would do a better job of explaining this fact.

Thank you R13. I was just about to correct the annoyingly nonspecific response @R11.

As an aside, the 9 states that DO tax Social Security benefits should burn in an apocalyptic grease fire. Looking at you Colorado, Connecticut, Minnesota, Montana, New Mexico, Rhode Island, Utah, Vermont, and West Virginia!

I was unaware SS income was taxed in the first place.

I don't pay any taxes but sales tax (7% in my county) and my ridiculously low property tax (if I told you how low it is, you probably wouldn't believe me). Between my SS and my tiny pension, I don't have enough income to pay taxes on.

So this provision doesn't affect me at all.

It doesn't affect half of Social Security recipients. Half the people of Social Security make too little to see any benefit from this at all because they don't pay taxes now. It will reduce the SS Trust Fund so it's exhausted sooner, though.

These are the Republican tax plans America voted for: the poor get nothing, the middle class gets a pittance, and the rich get a terrific return on their campaign contributions.

R4: it's a sliding scale above $75K to $175K , not a cut-off. I wouldn't get the whole 6K either, but perhaps half that?

[quote] will rapidly increase it's demise.

Oh, dear!

You don’t get “it” in the sense of getting a $4000 reduction off of your taxes due. It’s $4000 more deducted from your income (in addition to the extra $2000 already deducted for those over 65) to reduce the total on which one’s tax bill is based.

Even an elderly billionaire taxed at the US maximum rate of 37% wouldn’t benefit much. Their 2025 taxes would be reduced by about $1500.