The Social Security Administration(SSA) expects megabill to remove tax for nearly 90 percent of Social Security beneficiaries.

More than 51 million American senior citizens will likely benefit from the bill.

The Social Security Administration (SSA) commended the passage of the One Big Beautiful Bill (OBBB), which aims to deliver tax relief to millions of older Americans.

"The bill ensures that nearly 90 percent of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation's economy," the agency said in a July 3 statement.

The OBBB allows seniors to deduct an additional $6,000 from their Social Security income, with that amount decreasing once income passes $75,000 for single filers or $150,000 for joint filers.

Single filers who make $175,000 or more, or joint filers with an income of over $250,000, will not be eligible for the deduction.

For a senior filing singly who receives the average Social Security benefit of $24,000 today, the maximum amount of Social Security that would be subject to federal tax (before deductions) is 85 percent of the benefit, or $20,400, according to a report from the Council of Economic Advisors (CEA).

Currently, out of the 58.8 million seniors aged 65 and over who receive social security income, 64 percent do not have to pay tax on these benefits, said the report.

Once the OBBB comes into effect, 88 percent of such individuals won't have to pay taxes, which amounts to 51.4 million senior citizens.

"The bill also increases and permanently extends the standard deduction and many other features of the 2017 Tax Cuts and Jobs Act that were otherwise scheduled to expire after this year, resulting in significant ongoing savings for most taxpayers," the report states.

Social Security Commissioner Frank Bisignano called the passage of the One Big Beautiful Bill a "historic step forward" for America's senior citizens.
https://www.theepochtimes.com/us/ssa-expects-megabill-to-cut-federal-income-taxes-of-social-security-beneficiaries-by-nearly-90-percent-5882711?utm_source=morningbriefnoe&src_src=morningbriefnoe&utm_campaign=mb-2025-07-05&src_cmp=mb-2025-07-05&utm_medium=email&est=tM9zv%2Frl1NY9ZSntAyUhQnnv152CSbQTJkAkJb5b%2BAVu1asJ%2Fm8feCVKIYXkR0W0Yw%3D%3D

The changes to the SSA will put more money in the pockets of millions of retired Americans.

One bad tax is gone and you can stop another one.

The good news is that the digital services tax that was about to be slapped on everything from Netflix to Amazon to Uber has been scrapped.

The problem is that companies would have passed on those taxes to customers like YOU when you download your favourite show or order something you need on Amazon.

That tax would have cost Canadians billions and turned up the heat on trade disputes (even former president Joe Biden strongly opposed a DST).

But here's the thing: Carney has another doozey of a tax coming your way.

Carney campaigned on imposing a carbon tariff. The idea is simple. If another country doesn't impose policies like Carney's industrial carbon tax, he'll slap a carbon tax on its exports to Canada.

Think about what carbon tariffs would do. First, they would make the things you buy more expensive. Second, they would inflame trade disputes even more.

Quote from: Thiel on July 04, 2025, 12:10:58 PMResource extraction and processing and manufacturing are what provided a solid middle class base in Canada. Those sectors have shrank by half on the Liberals' watch.

Real estate has more than doubled it's share of the economy. It is not sustainable.

It used to be that an immigrant or a Canadian would work in reosurce development or manufacturing, buy a home and put their kids through school. Those jobs are disappearing and with them the Canadian middle class dream.

Quote from: . on July 04, 2025, 02:52:16 PMOr authoritarian government partnering with big business at the expense of and oppressing the individual.

That is our immigration system under the Liberals. Keep wages artificially low while selling jobs at Tim Horton's for fifty grand to people in India.

Quote from: . on July 04, 2025, 04:33:49 PMAnd just how likely do you think that course reversal is? I have my doubts; the productive classes of Canada have been hollowed out financially and are weakened to the point of insolvency. While disingenuous assclowns point outwards and assure you that it's worse in America and provide you with endless reams from the propaganda media to support their case. Which people like Shen and myself see through, preferring instead to desert what is clearly a sinking ship, taking our capital with us.

I can't speak for Shen of course, but I can speak for me. There was a time when I was convinced Canada was the country I was going to grow old and die in. I built a business from scratch and contributed my share back into public pool under the understanding that my contribution would be used to further improve the economic landscape and was ultimately rewarded instead with a government which made no secret of its fiscal irresponsibility. And I understood that no amount of "it's so much worse over there" could solve the undeniable truth of just how untenable my relationship with Canada was. I mean even if it were true that prospects in America were worse (and I'm not pretending for a moment that they are), it still doesn't negate the truth of the matter - that prospects in Canada were (and still are) dire as fuck and therefore investing my time and effort somewhere else is imperative.

I'm sorry for you man. 

Don't be sorry me, I am not one of the millions of Canadians who are forced to rely on food banks. I too am self employed with a detailed retirement plan and an exit strategy to Florida.

And I know the Liberal party will not reverse course. This is not the party of John Manley and Dan McTeague anymore. It's the party of the WEF and Klaus Schwab. They have different ideas from the Canadian proletariat about what is best for Canada.

That big beautiful bill is like having a Feast before the Famine.

The USA can't afford those tax cuts.

Trump is using up whatever available sources of credit the USA has left. He should have raised taxes on the ultra wealthy while cutting spending to stabilize the debt. Made every American swallow the pain at the same time.

Since Trump failed to address the problem the result will eventually be more deficits, more money printing, a weaker dollar, more inflation & a lower standard of living for most Americans.

The 2030s will be a hard time in America much like the 1930s was.

Americans had better fasten their seatbelts because in 5 to 10 years & beyond the ride will get rocky, folks.

Oh well.

Fox News Politics Newsletter: 'Big, Beautiful Bill' passed by Congress

Welcome to the Fox News Politics newsletter, with the latest updates on the Trump administration, Capitol Hill and more Fox News politics content.

Source: Fox News Politics Newsletter: 'Big, Beautiful Bill' passed by Congress

Quote from: Thiel on July 04, 2025, 12:07:49 PMI hear the Canadian chattering classes are reporting every Canadian that gets arrested by ICE. What I hear they are conveniently leaving out is that every Canadian that has been arrested by ICE is a criminal.

The Canadian media is a joke.

Former Liberal Party Lloyd Axworthy has basically called Carney Trump's bitch.

Quote from: Herman on July 04, 2025, 04:19:32 PMThere is nobody in the current Liberal caucus that has any desire to right the ship. They are staying the course even though that means going off a cliff.

Today's globalist Liberals have nothing in common with the pragmatic Liberal Party of Chretien and Martin. Canada was in good hands under their watch. Today's Liberals have abandoned pragmatism for ideological rigidity.