SS tax

During the 2024 campaign, Trump promised to eliminate all income tax on Social Security so when the $6,000 deduction for seniors was passed the press reported it as removing tax on SS. The $6,000 deduction has nothing to do with SS but is available for everyone over 65 whether they collect SS or not. It does mean that 88% of people who collect SS will benefit from the deduction. A single person over age 65 has a standard deduction of $15,750 plus an additional $2,000 (for being over 65) and a $6,000 bonus deduction. The $6,000 is phased out for incomes between $75,000 and $175,000 and thus only 88% qualify. This is expected to save seniors $34 billion per year.