Social Security Under New “Big Beautiful” Tax Provision
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Trump's flagship tax and spending law is expected to have a material (and adverse) impact on America's leading retirement program.
Roughly 400,000 Utah retirees are expected to gain from a new federal tax deduction that eliminates Social Security income taxes for most recipients starting in 2026. The One Big Beautiful
The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees,
Roughly 2.3 million Pennsylvania retirees are expected to benefit from a new federal deduction that exempts most Social Security from taxes.
Roughly 1.1 million Wisconsin retirees are set to benefit from a new federal deduction that phases out taxes on most Social Security income starting in 2026. The One Big Beautiful Bill
Roughly 600,000 retirees in Oklahoma are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026.
In order to qualify for the maximum Social Security benefit, you'll also have to earn the maximum for each of the 35 years of earnings that are used to calculate your benefits. That doesn't mean earning umpteen kazillion bajillion dollars each year, though.