Social security tax

The big new bill has a tax savings provision for retirees over age 65. Under the present law a couple with $24,000 social security on the husband and $12,000 on the wife plus $32,000 of taxable pension income will have $8,000 in taxable income. Under the new big bill, the taxable income will be reduced to $2,000. This is a help for low- and middle-income people but it is phased out for those with higher incomes.