Trump's claims about eliminating Social Security taxes exaggerate the benefits of recent congressional proposals. The House and Senate have passed measures creating temporary tax deductions for seniors aged 65 and older. These deductions are not exclusive to Social Security benefits and will not apply to all beneficiaries. The Senate proposes a $6,000 deduction for eligible seniors, while the House suggests a $4,000 deduction. Moreover, not all seniors will benefit, particularly the lowest-income individuals and those who claim benefits early or exceed required income thresholds.
Trump has claimed that the bill includes "no tax on tips, no tax on Social Security, no tax on overtime," which exaggerates the actual provisions of the proposed legislation.
Instead of eliminating the tax, the Senate and House have passed temporary tax deductions for those 65 and over, not limited to Social Security benefits.
The Senate proposal includes a temporary $6,000 deduction for seniors over age 65, while the House proposal is a $4,000 deduction.
The deductions will phase out based on income levels, meaning some low-income seniors who already don't pay taxes won't benefit from these changes.
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