Will Trump's Spending Bill Eliminate Taxes on Social Security Benefits?
President Trump's spending and tax plan, which is officially titled "one, big, beautiful bill," was recently released. This gave Americans key details about how Trump plans to not only extend the tax cuts passed during his first term but to give middle-class Americans and seniors additional tax relief.The bill is nearly 400 pages long, so I can't discuss everything here. But one of the key tax breaks the president campaigned on was the elimination of taxes on tips, overtime, and Social Security. And while the first two are in the bill, making Social Security income exempt from taxes doesn't appear to be part of the plan.However, there's another major tax break included for seniors that wasn't expected, and it could potentially be even more lucrative for some Americans. Here's what we know (and what we don't know) about the proposal.Continue reading
President Trump's spending and tax plan, which is officially titled "one, big, beautiful bill," was recently released. This gave Americans key details about how Trump plans to not only extend the tax cuts passed during his first term but to give middle-class Americans and seniors additional tax relief.
The bill is nearly 400 pages long, so I can't discuss everything here. But one of the key tax breaks the president campaigned on was the elimination of taxes on tips, overtime, and Social Security. And while the first two are in the bill, making Social Security income exempt from taxes doesn't appear to be part of the plan.
However, there's another major tax break included for seniors that wasn't expected, and it could potentially be even more lucrative for some Americans. Here's what we know (and what we don't know) about the proposal.
