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A PolitiFact reader asked whether the Republican megabill headed to President Trump’s desk will change Social Security’s future solvency. The answer: yes. Here’s how.
When he ran for reelection, President Donald Trump promised to end taxation for Social Security. Now, he said the reconciliation bill will do just that. PolitiFact found that’s not accurate.
Neither group includes Social Security recipients 64 and below, who wouldn’t get a tax break. Some voters said they were disappointed the bill doesn’t eliminate taxes on Social Security benefits.
The Tax Foundation projects people in those middle percentiles would see their after-tax income go up by between 0.7% and 0.9% after the tax deduction, versus only going up by 0.1% to 0.4% from a ...
The emails say nearly 9 in 10 Social Security beneficiaries won’t pay income taxes on their benefits in the future. But the Trump tax law did not directly address Social Security.
Already in July, I've spotted social media posts by tax professionals who dread the day when they will have to say "welcome to reality" to clients. "'Yes, your Social Security is still 85% taxable.