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The End of Social Security Taxes?
Money Explainers
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18/6/2025
We analyze the complex taxes on Social Security benefits and how they affect you.
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00:00
Hello everyone and welcome to a crucial analysis of your retirement finances.
00:05
During his 2024 campaign, President Donald Trump promised voters that Social Security benefits
00:11
wouldn't be cut, nor would the retirement age be raised. But his most ambitious proposal
00:18
aimed to stretch every Social Security dollar further, eliminating taxes on these benefits.
00:24
However, in the tax bill just passed by the House of Representatives,
00:28
that expected tax exemption is conspicuously absent. While many retirees might feel disappointed,
00:35
the truth is, paradoxically, they might be better off without it. Currently, taxes on Social Security
00:42
income can be quite complex. The government uses a combined income metric to determine what
00:47
percentage of your benefits, if any, is taxable. This combined income is calculated by adding half
00:54
of your Social Security income, plus your adjusted gross income, plus any untaxed interest income.
01:01
If your combined income exceeds certain thresholds, up to 85% of your Social Security benefits could be
01:08
subject to taxes. For example, for an individual filer, if their combined income is between $25,000
01:15
and $34,000. Up to 50% of their benefits could be taxed. If it exceeds $34,000, it could go up to 85%.
01:25
For couples filing jointly, the thresholds are $32,000 to $44,000 for 50%, and over $44,000 for 85%.
01:36
Completely eliminating taxes on Social Security, while appealing, could have had significant consequences.
01:41
Experts point out that this measure would primarily benefit higher income retirees,
01:47
and could shorten the life of the Social Security trust fund, forcing future benefit cuts for everyone.
01:54
So, while the promise of no taxes on Social Security fades, it's essential to understand how these rules
02:01
work and how to plan for your retirement. The current complexity, though frustrating, prevents a
02:08
greater impact on the system's sustainability for future generations.
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