No Tax on Social Security Is a Reality in President Trump's Big Beautiful Bill, Says the White House. Here's What It Actually Means for Retirees.

President Trump vowed to end taxation of Social Security benefits during his campaign last year. The White House says he delivered on that promise with the One, Big, Beautiful Bill, which narrowly won approval in both chambers of Congress in recent weeks and was signed into law on July 4. But that is not exactly true.The bill used a legislative process known as budget reconciliation. The 1974 Budget Act explicitly prohibits reconciliation bills from including provisions that would change Social Security benefits or funding. Taxes collected on Social Security are a funding source for the retirement program, so the legislation could not eliminate that revenue.Nevertheless, the One, Big, Beautiful Bill does include provisions that will help millions of seniors. Here are the important details.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool