New older Americans tax deduction explained
In a news release Thursday, the Social Security Administration applauded passage of the One Big Beautiful Bill, a massive tax and spending cuts package praised by Republicans as a win for the American people and a boost for the economy. “The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits,” the Social Security news release states. It’s an apparent attempt to affirm President Donald Trump’s pledge to end taxes on Social Security. The president signed the legislation Friday. A summary of the impact on ...