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Tax Season is Here! Time to Review the New Deduction Rules - Peter G. Peterson Foundation
There has been quite a bit of confusion surrounding the “no taxes on Social Security” mantra accompanying the One Big Beautiful Bill Act (OBBBA) of July, 2025. The taxation rules placed into effect for tax years 2025 through 2028 are now in play, so pausing for a quick review of how the deduction rules have changed for these four tax filings would be a good idea. In a very timely post, the Peter G. Peterson Foundation today offers an analysis of the so-called “senior deduction” included in the OBBBA package, including its phase-out rules and commentary on its impact on Social Security’s deficit position. Check the post out here…