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

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

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.

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.

I wish income tax ended when a person turns sixty or sixty five and is no longer working.

Quote from: DKG on July 05, 2025, 10:10:31 AMThe 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.

This is how you help people who are struggling. Make life more affordable. It's also how you get the economy humming along with and produce tax revenue.

No wonder the US economy is growing while the Canadian ecomomy is falling off a cliff.