The 2025 Social Security Trustees Report revealed that in 2024, Social Security expenditures were $1.485 trillion against $1.418 trillion in income, resulting in a deficit of $67 billion. The Old-Age and Survivors Insurance trust fund may be depleted by 2033, limiting Social Security payments to 77% of expected benefits. The SSA's recent overpayment recovery strategy began under Biden, leading to planned withholding of benefits. Trump’s proposed legislation aims to eliminate income taxes for Social Security recipients, but recent Senate proposals suggest tax breaks instead, escalating the debate on senior taxation policies.
In 2024, Social Security cost $1.485 trillion while revenues totaled $1.418 trillion, leading to a $67 billion deficit. The OASI trust fund could run out by 2033.
To recover overpayments, the SSA announced withholding 10% of future benefits, later increasing to 100% before reducing it to 50% after public backlash.
In response to tax regulations on Social Security, a bill proposes a tax break up to $6,000 for seniors earning below specified thresholds.
The tax break bill, applicable to seniors aged 65 and older, will phase out for individuals earning over $175,000 and couples over $250,000.
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