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4 Things President Trump Isn't Telling You About the OBBB's "No Tax on Social Security Benefits"
Founded in 1993, The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer.
For seniors across the country, perhaps the most noteworthy aspect of the new bill is the additional deduction for this ...
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Deduction for Seniors vs. No Social Security Tax: This is what Trump's tax changes are like
President Trump's fiscal policies have always been a focal point of his administration. In his 2024 campaign, he promised to eliminate income taxes on Social Security benefits. However, the newly ...
Even after President Donald Trump’s megabill was passed, Social Security benefit taxes look the same as they did in the 1980s ...
A new, temporary "senior bonus" deduction of up to $6,000 will apply to taxpayers ages 65 and older in 2025, 2026, 2027 and 2028. It ends after that without congressional action.
Eligible seniors can claim the full deduction even if they itemize. For example, if your itemized deductions total $30,000, you can add the $6,000 senior deduction to bring your total to ...
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The $6,000 senior 'bonus' explained; and why you won't see it in your bank account
A new temporary tax deduction for seniors offers relief, but it’s not a direct cash payment. Knowing the rules is key to ...
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