US Edition
Social Security No Taxes Message on Trump Bill Raises Eyebrows
UNITED STATES, JUN 30 – The bill offers a temporary tax deduction for seniors 65 and older, benefiting nearly 90% of Social Security recipients but not fully eliminating taxes on their benefits.
- On July 4, President Donald Trump claimed the bill eliminated taxes on Social Security benefits, but the law only provides a temporary $6,000 deduction for seniors from 2025–2028.
- Trump's campaign promise to eliminate taxes on Social Security benefits was blocked by the Byrd Rule, leading to a temporary $6,000 deduction for seniors from 2025–2028.
- White House analysis shows the deduction increases non-taxable beneficiaries from 64% to 88%, saving $30 billion annually and boosting seniors' after-tax income by an average of $670.
- CRFB analysis states the deduction accelerates trust fund depletion by one year to 2032, deepening benefit cuts by about 1%, as critics call emails 'unconscionable' and misleading.
- In the long term, Penn Wharton estimates the bill could reduce revenues by $1.5 trillion over 10 years, increasing debt and hastening trust fund depletion by 2032, raising concerns about Social Security's solvency.
128 Articles
128 Articles
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