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Started By
Message
re: Social Security Tax status
Posted on 8/10/25 at 8:18 am to ArkBengal
Posted on 8/10/25 at 8:18 am to ArkBengal
quote:
The bill does not eliminate tax on SS but does include a $6,000 deduction for recipients (with income limits). &12,000 for married couples
Depends on income. It can be zero. This is a targeted middle class deal.
0
Posted on 8/10/25 at 8:24 am to theballguy
quote:
You paid into it as taxes. It would be justice if you didn't have to pay double taxes for it.
Social Security is a pre-tax deduction so no, you haven't already paid taxes on it.
Posted on 8/10/25 at 8:28 am to Good Times
quote:
Their
Give him a break. He is still stuck on that jailhouse slang.
Posted on 8/10/25 at 8:53 am to SuperSaint
You realize that boomers were forced to pay in to SS don't you?
Posted on 8/10/25 at 9:03 am to Tigerrganz
Social security will be insolvent in 2033. Get rid of it. Stop taking money from people. People my age will never see a dime of the money the government took from us.
Posted on 8/10/25 at 9:35 am to jnethe1
They said that in the '70's too. It will be semi socialism. They will deem only those who "need" their money will be able to get it. Be smart, don't trust the government to take care of you even though they took your money with a promise to pay you back. TAKE CARE OF YOURSELF by saving 10-15 % of your income and maximizing your tax exempt retirement and Health savings accounts.
Hopefully you'll have enough money you won't qualify for any breaks. That's the goal. Don't expect anything from the government except a strong defense, sound borders, decent infrastructure and public safety.
Hopefully you'll have enough money you won't qualify for any breaks. That's the goal. Don't expect anything from the government except a strong defense, sound borders, decent infrastructure and public safety.
Posted on 8/10/25 at 9:37 am to yakster
quote:Depends on AGI.
Seniors over 65 will be getting an extra deduction. If you and you wife are over 65 it doubles if I remember correctly.
Posted on 8/10/25 at 9:41 am to Bass Tiger
quote:.
Seems like you're doing pretty well brother.
Obviously he needs to give more of his money to lazy asses. You know, pay his fair share and all
Posted on 8/10/25 at 9:45 am to Tigerrganz
He didn't do away with taxes on Social Security. The deduction is only valid from 2025 through 2028.
Summaries:
Forbes Article
US News
President Trump did not eliminate the Social Security tax entirely; however, his administration enacted the One Big Beautiful Bill Act (OBBBA), which reduced the number of seniors paying federal taxes on their Social Security benefits.
What the Law Actually Did
Senior Deduction Introduced: Beginning in 2025, individuals aged 65 or older can claim a new $6,000 deduction. Couples filing jointly may qualify for up to $12,000 if both spouses meet the age requirement.
Income Limits Apply:
• The full deduction is available for individuals with incomes up to $75,000 and couples up to $150,000.
• The deduction phases out above these thresholds and is completely unavailable at $175,000 (individuals) and $250,000 (couples).
Impact on Social Security Taxes:
• Prior to this law, around 64% of seniors did not pay federal tax on their Social Security benefits.
• The new deduction increases this proportion to approximately 88%. However, Social Security taxes are not entirely eliminated.
Important Caveats
Temporary Relief: The deduction is valid only from 2025 through 2028.
Not a Structural Change: The bill did not alter the overall taxation structure for Social Security benefits but expanded eligibility for deductions that lower taxable income.
Higher-Income Seniors Still Pay: Individuals exceeding the income limits may still be required to pay taxes on their benefits.
In summary, while the bill provides additional tax relief for many retirees, it does not remove Social Security taxation altogether.
Summaries:
Forbes Article
US News
President Trump did not eliminate the Social Security tax entirely; however, his administration enacted the One Big Beautiful Bill Act (OBBBA), which reduced the number of seniors paying federal taxes on their Social Security benefits.
What the Law Actually Did
Senior Deduction Introduced: Beginning in 2025, individuals aged 65 or older can claim a new $6,000 deduction. Couples filing jointly may qualify for up to $12,000 if both spouses meet the age requirement.
Income Limits Apply:
• The full deduction is available for individuals with incomes up to $75,000 and couples up to $150,000.
• The deduction phases out above these thresholds and is completely unavailable at $175,000 (individuals) and $250,000 (couples).
Impact on Social Security Taxes:
• Prior to this law, around 64% of seniors did not pay federal tax on their Social Security benefits.
• The new deduction increases this proportion to approximately 88%. However, Social Security taxes are not entirely eliminated.
Important Caveats
Temporary Relief: The deduction is valid only from 2025 through 2028.
Not a Structural Change: The bill did not alter the overall taxation structure for Social Security benefits but expanded eligibility for deductions that lower taxable income.
Higher-Income Seniors Still Pay: Individuals exceeding the income limits may still be required to pay taxes on their benefits.
In summary, while the bill provides additional tax relief for many retirees, it does not remove Social Security taxation altogether.
Posted on 8/10/25 at 10:14 am to Nole Man
No change to ss tax. As op have explained.. only an increased deduction for a few years..
A significant amount of people (66 percent)already on ss.. do not pay taxes with existing standard deduction and existing senior deduction.. a lot of the people paying ss taxes will not be below the income limits and continue paying (12percent)..
The DEDUCTION goes away in a few years..this will not impact but a small group (22 percent)… but it sounded great as a campaign promise.
Promises made .. promises broken.. typical politician talk to get votes ..
A significant amount of people (66 percent)already on ss.. do not pay taxes with existing standard deduction and existing senior deduction.. a lot of the people paying ss taxes will not be below the income limits and continue paying (12percent)..
The DEDUCTION goes away in a few years..this will not impact but a small group (22 percent)… but it sounded great as a campaign promise.
Promises made .. promises broken.. typical politician talk to get votes ..
This post was edited on 8/10/25 at 12:18 pm
Posted on 8/10/25 at 10:19 am to dovehunter
I’ve been fortunate to have a pretty diverse investment portfolio at this point in my life. But that money is something I could have used for other real purchases and investment opportunities. I will never see that money. I would be so happy if tomorrow we got rid of social security altogether. Such a complete waste.
Posted on 8/10/25 at 11:03 am to VABuckeye
quote:
Social Security is a pre-tax deduction so no, you haven't already paid taxes on it
My LES disagrees with this. Gross income and SS taxable income show the exact same numbers.
Posted on 8/10/25 at 11:06 am to Topisawtiger
quote:
In the US, taxes are not taken out of your Social Security contributions (the payroll taxes you pay while working).
It's showing like that because the employers contribution is also based on gross income. The employer does not pay taxes on their contribution either.
This post was edited on 8/10/25 at 11:08 am
Posted on 8/10/25 at 2:01 pm to Tantal
quote:Actually they go back to SS
But the taxes coming out of the checks just go into the general fund, not back into Social Security.
quote:Not a chance!
That behemoth is going tits-up eventually.
The Feds need SS as a debt finance aid.
Payroll taxes will go up. SS will essentially expand.
Posted on 8/10/25 at 3:23 pm to SuperSaint
No, we’re more concerned about paying in our entire lives to support a culture that won’t provide for themselves.
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