Savings Time

Here come your retirement savings:

“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 was passed by the House of Representatives on May 22 by a vote of 215–214. On July 1, the Senate voted to pass it by 51–50. And on Thursday, the House agreed to the Senate amendment by a vote of 218–214. The bill now goes to the desk of President Donald Trump to be signed into law. 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).

You will finally be able to keep more of what you paid for...