Tax Cuts and Oil Funds: The Realistic Odds of Trump's Social Security Proposals Becoming Law in 2026
Briefly

Tax Cuts and Oil Funds: The Realistic Odds of Trump's Social Security Proposals Becoming Law in 2026
"On July 1, the White House released an official statement entitled "No Tax on Social Security is a Reality in the One Big Beautiful Bill." The statement also read: "Under the One Big Beautiful Bill, the vast majority of senior citizens - 88% of all seniors who receive Social Security - will pay NO TAX on their Social Security benefits,"
"While this assessment may be correct, the reality is that Trump did not deliver on his pledge to eliminate federal taxes on Social Security at all. In fact, no changes were made to the Social Security tax rules. The President did provide tax relief in the form of an extra $6,000 in deductions per eligible senior ( $12,000 for married couples)."
President Trump pledged to eliminate federal taxes on Social Security and frequently promoted "no tax on Social Security" during the campaign. The White House claimed the One Big Beautiful Bill would leave 88% of Social Security recipients paying no tax. No changes were made to the rules governing taxation of Social Security benefits. The administration provided a temporary extra deduction of $6,000 per eligible senior ($12,000 for married couples) through 2028 that applies broadly to eligible seniors. The deduction does not specifically remove taxes on Social Security benefits and its temporary and broad nature limits its impact.
Read at 24/7 Wall St.
Unable to calculate read time
[
|
]