Trump's 'Big, Beautiful Bill' impact social security
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President Trump vowed to end taxes on Social Security, but the One Big Beautiful Bill stops short of fulfilling that promise.
The 'Big Beautiful Bill' signed by President Trump promised to eliminate taxes on Social Security benefits. However, the reality is more nuanced, offering significant tax relief but not a complete elimination.
Trump promised to eliminate the tax on Social Security benefits in his 2024 campaign, but the bill instead adds a new deduction.
President Donald Trump has pitched no taxes on Social Security benefits. Republicans’ “big beautiful” bill includes a provision to help offset those levies.
As a candidate, Trump promised to lift taxes on overtime. The new law allows workers to deduct up to $12,500 in overtime compensation (for single filers) or $25,000 (for joint filers). This deduction phases out for income levels between $150,000 and $275,000 (for single filers) and $300,000 and $550,000 (for joint filers).