Latest News
Discussion of $4000.00 tax deduction included in “Big Beautiful Bill” - Fox News
Republicans are using the budget reconciliation process to pass the bill. This lowers the Senate’s threshold for passage from 60 votes to 51 for some fiscal legislation. Supposedly, the reconciliation process forbids direct changes to Social Security; consequently, there’s quite a bit of confusion surrounding President Trump’s campaign pledge to eliminate taxes on Social Security. Fine tuning of the bill text has therefore introduced a compromise…a $4000 deduction that would lessen the tax tab for some filers. The argument can thus be made that the bill does not change Social Security. It changes the tax code.
This article by Elizabeth Elkind for Fox News explains here…
Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.