Seniors get a tax break in Trump's megabill, but many will still pay taxes on Social Security benefits.

[Yo_Mama_Been_Loggin]

Here’s the real deal

Senior citizens are getting a tax break in President Donald Trump’s sweeping tax and spending cuts package, but it’s not the one the president promised on the campaign trail last year.

Congressional Republicans could not eliminate taxes on Social Security benefits in their megabill because it would not have been allowed under the process GOP lawmakers were using to pass the legislation in the Senate without Democratic support. (That hasn’t stopped Trump and administration officials from claiming at times that the “big, beautiful bill” did get rid of taxes on benefits.)

nstead, the package gives senior citizens an additional $6,000 deduction on their federal income taxes between 2025 and 2028. Joint filers get twice that amount.

The benefit begins to phase out for single taxpayers earning more than $75,000 and married couples earning $150,000. Individuals who earn more than $175,000 and couples earning more than $250,000 don’t qualify.

https://finance.yahoo.com/news/seniors-tax-break-trump-megabill-120024655.html

He's also putting a 200% tariff on imported medication. Don't know how if this will help.

[Liberal In Texas]

1. I would rather stay at the present tax rate than get the meds I have to take

probably double in price. And I take a lot of them.

[WhiteTara]

2. has the tariff on medicine kicked in yet?

I have to rush that order if they haven't.

[gab13by13]

3. Let me make this pellucidly clear,

I do my own taxes. There is a Social Security work sheet where the taxpayer figures out how much of his SS is taxable.

That calculation is done before the additional $6,000.00 standard deduction is calculated, that 6k - 12 extra standard deduction has nothing to do with Social security.

[SickOfTheOnePct]

6. Correct

It's for over 65, not just over 65 getting SS. But nearly 90% of people over 65 receive Social Security benefits, so for all intents and purposes, it's the same thing.

[bucolic_frolic]

4. Giveth with one hand and taketh with the other.

Typical double messages to mentally paralyze the recipient. Textbook abuse, as good as gaslighting.

[Wiz Imp]

5. A reminder - the average Senior who can take advantage of this extra deduction will get an increase in their after-tax

income by only $679. And that doesn't even count the millions whose income is too small already that will get 0 benefit.