President Trump will be delivering a rally style speech today at The Villages in Florida centered around remarks to emphasize “no tax on social security benefits.” President Trump is expected to speak around 3 to 4pm ET with livestream links below:
.
.
.
The latest Iran proposals aren’t any good so President Trump is going to the Villages to kill some time with the old folks while Iran figures out how much more abuse they want to take.
Black suit.
President Trump calls this no tax on social security but thats not true. Over 65, we get a 6k deduction on wages & thats only until 2028. I get OT, which at my age i need, and I thought no tax on OT meant no tax on OT but that wasnt true. What IS true is that there is no tax on the ‘half hour’ of time & a half, this too until 2028, when hes gone. I was grateful for the 6k deduction because the OT through me into the next tax bracket but the 6k deduction brought me back down and in the end I mostly broke even. I asked the accountant and he said the senate did not approve the no tax on SS, but gave the deduction, same with no tax on OT. My accountant is a Trump supporter too.
Correct. And it’s not until 65 so if you draw before then, you still have to pay the tax. Bummer.
OT is the .5 premium. The standard deduction plus additional 6k covers the average + Soc.Sec. Benefit.
Only the government could take something simple like overtime hours and make it so confusing that nobody can understand.
It is not confusing OT is the .5 premium. Payroll companies segregate this amount for the W2. And you don’t pay tax on the OT. What is difficult to understand.
Correct. My wife and I had a larger share of our Social Security taxed by the IRS this year than the 2024 tax year because our total adjusted gross income went up much more than was offset by the new $12,000 deduction for couples both receiving Social Security. So, the no tax on Social Security is inaccurate and part of PR strategy. maybe next year when the deduction goes up to $7500 we will see some reduction.
That’s a function of your other income, not social security.
But social security benefits ARE taxed. Giving a small credit helps support some people, but does NOT mean they are not taxed because the rest of us DO pay tax on the benefits. Either 47 is misinformed or he is lying. I prefer to think he is misinformed.
Both my wife’s and my SS benefits are included in our year end income
Yes, $45,000 of our Social Security benefits were in our year end income that were subject to federal income taxes, even with the new deduction.
The villages is a WILD place. lol.
I’m sad to see the Treeper comments about taxes on SS tho. I was hoping my parents would catch a break on taxes too.
It is wild. The Villages have some of the highest STD rates in the country. People trying to relive their youth.