https:\/\/www.yahoo.com\/news\/social-security-no-taxes-message-154817110.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"“the bill does not include a provision to eliminate federal income taxes on Social Security benefits.<\/p>\n
\u201cThere is no provision in the budget bill that directly \u2018eliminates\u2019 or even reduces taxes on Social Security benefits,\u201d Howard Gleckman, senior fellow at the nonpartisan Tax Policy Center, told the Washington Post.<\/p>\n
Trump\u2019s bill offers a tax deduction of $6,000 to seniors making up to $75,000 individually, or $150,000 on a joint return. The deduction is lowered for incomes above that level and axed for seniors with individual incomes of more than $175,000, or $250,000 jointly. However, the new deduction for seniors is set to expire within a couple of years. The median income for seniors in 2022 was about $30,000.”<\/p>\n
…<\/p>\n
“Before the megabill\u2019s passing, 64 percent of seniors receiving Social Security income paid no tax on their Social Security due to exemptions and deductions, according to an estimate by Trump\u2019s Council of Economic Advisers. Under Trump\u2019s megabill, 88 percent won\u2019t be paying.”<\/p>\n
…<\/p>\n
the rise is due to the bill\u2019s increase in \u201cthe standard deduction for seniors, which, as a result, reduces the number of seniors who will pay taxes on their Social Security benefits.\u201d<\/p>\n
…the new legislation will provide limited benefits for lower-income seniors because they already pay less in taxes.”<\/p>\n
https:\/\/www.yahoo.com\/news\/social-security-no-taxes-message-154817110.html<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[681,221,411,506,1672,675,141,170],"class_list":["post-18496","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-deduction","tag-donald-trump","tag-policy","tag-republicans","tag-seniors","tag-social-security","tag-taxes","tag-trump"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/18496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18496"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/18496\/revisions"}],"predecessor-version":[{"id":18497,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/18496\/revisions\/18497"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}