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OBBBA and it’s Long-Term Impact on Social Security Finances - 247wallst.com
The $6,000 temporary “senior deduction” included in last year’s One Big Beautiful Bill Act created welcomed relief for many taxpayers. That’s the good news. The not-so-good news, as explained in a 247wallst.com post by contributor Maurie Backman, is that this loss of revenue “… could push Social Security closer to insolvency sooner. That means benefit cuts could come into play at an earlier date, ultimately hurting retirees in the long run.” Read Ms. Backman’s post in full here…
The OBBBA’s “senior deduction” provision applies to tax years 2025 through 2028. Let’s hope that the insolvency problem is addressed between now and the expiration of this provision, and that Congress has taken action to mitigate the long-term consequences of this revenue loss.
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