Seniors Now Get to Keep More of Their Social Security Income
Historic tax relief is coming to millions of older Americans. The Social Security Administration issued a press release praising the passage of President Trump’s “One Big, Beautiful Bill,” calling it a “landmark piece of legislation that delivers long-awaited tax relief to millions of older Americans.”
Social Security Commissioner Frank Bisignano called this “a historic step forward for America’s seniors.” That’s because the new law includes a provision that eliminates federal income taxes on Social Security benefits for almost 90 percent of Social Security beneficiaries by providing an enhanced deduction for taxpayers aged 65 and older.
That is positive news for struggling seniors who will now get to keep more of what they have earned!
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
