Nearly 90% of Social Security beneficiaries to receive tax relief under new bill
Key Points(4)
- The Social Security Administration (SSA) announced the passage of the <a href="https://www.congress.gov/bill/119th-congress/house-bill/1/text">One Big, Beautiful Bill, legislation</a> providing tax relief to millions of older Americans.
- The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits.
- <p align="left">“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano.
- “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans.
“This is a historic step forward for America’s seniors,” said Social Security Commissioner Frank Bisignano. “For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans. By significantly reducing the tax burden on benefits, this legislation reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned."
The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries, providing relief to individuals and couples. Additionally, it provides an enhanced deduction for taxpayers aged 65 and older, ensuring that retirees can keep more of what they have earned.
Social Security remains committed to providing timely, accurate information to the public and will continue working closely with federal partners to ensure beneficiaries understand how this legislation may affect them.
