Trump's Social Security Tax Cut

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Social Security benefits

CBS News

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Business

Business & Economics

Does the "big, beautiful bill" eliminate taxes on Social Security?

Summary

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83% Informative

The Social Security Administration says 90% of Social Security beneficiaries will no longer pay taxes on benefits.

The bill doesn't eliminate taxes on Social Security , but introduces a temporary tax deduction.

The biggest beneficiaries of the bill will be higher-income seniors, an analyst says.

The tax break is available to people with an adjusted gross incomes of $ 75,000 or less.

According to a AARP -funded survey from the National Academy of Social Insurance released in January , 85% of Americans think benefits should not be reduced, or that they should be increased, even if it means raising taxes on some or all Americans . "Virtually all Americans want their Social Security benefits to be preserved and are willing to do what it takes to ensure the program continues to provide meaningful support for future generations," said AARP Chief Public Policy Officer Deb Whitman in a statement after the survey was released..