The House-passed reconciliation bill leaves out Trump’s promise to eliminate taxes on Social Security benefits, opting instead to expand the standard deductionThe standard deduction reduces a taxpayer’s taxable income by a set amount determined by the government. It was nearly doubled for all classes of filers by the 2017 Tax Cuts and Jobs Act (TCJA) as an incentive for taxpayers not to itemize deductions when filing their federal income taxes. for seniors.
In this episode, Kyle Hulehan and Erica York are joined by Alex Durante to unpack how the deduction works, who benefits most, and how it compares to repealing Social Security taxes.
Links
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- Budget Reconciliation Tracker See more
- “Big Beautiful Bill” House GOP TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Plan: Preliminary Details and Analysis See more
- The Good, the Bad, and the Ugly in the One, Big, Beautiful Bill See more
- House Tax Package Could Double Economic Growth Impact by Prioritizing Permanence for TCJA Business Provisions See more
- House “One Big Beautiful Bill” Riddled with Temporary Tax Policy See more
- A More Generous SALT Deduction Cap in the Big, Beautiful Bill Would Cost Revenue and Primarily Benefit High Earners See more
- Current Trump Tariffs Threaten to Offset Benefits of Promised Tax Cuts See more
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