Social Security Under New “Big Beautiful” Tax Provision
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GOBankingRates on MSN3 Smart Money Moves for Retirees After Trump’s Big Beautiful Bill
Retirees may need to adjust their financial plans in light of changes introduced by the recently passed Big Beautiful Bill (BBB). The new legislation brings one of the largest tax cuts in history for middle- and working-class Americans,
Trump's flagship tax and spending law is expected to have a material (and adverse) impact on America's leading retirement program.
Roughly 100,000 Wyoming retirees are expected to benefit from a new federal deduction that eliminates taxes on most Social Security income.
Roughly 4 million Texas retirees are expected to benefit from a new federal deduction that eliminates taxes on most Social Security income starting in 2026. The One Big Beautiful Bill could
The "big beautiful bill" includes a $6,000 additional deduction for certain older Americans ages 65 and over. However, the legislation does not end federal income taxes on Social Security benefits.
Roughly 400,000 Utah retirees are expected to gain from a new federal tax deduction that eliminates Social Security income taxes.
Roughly 1 million South Carolina retirees are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026. The One Big Beautiful Bill
In order to qualify for the maximum Social Security benefit, you'll also have to earn the maximum for each of the 35 years of earnings that are used to calculate your benefits. That doesn't mean earning umpteen kazillion bajillion dollars each year, though.