Trump said he’d end taxes on Social Security benefits: Here’s why the new tax bill doesn’t include it
The 47th President of the United States has said he’s going to end taxes on Social Security benefits - but he’s not.
Guess what: Trump said something that’s not true. Close the roads, slam down the shutters and get buying beans. It’s the end of days once Nostradamus speaks untruths.
Oh no, that’s not right, we’re in TrumpWorld©, and this is what happens. Trump says something, claims it’s never been said before, that it’s the best idea ever, and goes back on it.
Eliminating taxes on worker tips and overtime pay was promised by the former reality TV star during his campaign, as was the idea of sharply lowering rates on corporations. These may be making their way through the House, but the hugely popular idea that seniors shouldn’t have to pay income taxes on Social Security benefits is not.
‘Seniors should not pay taxes on Social Security and they won’t’... they will
“Seniors should not pay taxes on Social Security and they won’t‚” is what Mr. Trump said while on a campaign rally in Harrisburg, Pennsylvania, back in August. It’s there, painted in black, white and orange.
Let’s be quick and get the potential fightback out of the way: Trump is not, as he clearly said, thinking about eliminating taxes on Social Security benefits. A provision to eliminate taxes on Social Security simply isn’t included in the bill that was approved by the House Ways and Means Committee on Wednesday.
The House bill instead includes a new tax break for senior citizens: an extra $4,000 deduction for filers who are 65 and older; it would be available to those who both itemise and those who take the standard deduction.
According to the Social Security Administration, roughly 40% of Social Security recipients—around 27 million people—are currently subject to federal income taxes on their benefits.
“I’m sure many seniors will be quite disappointed to learn they’ll still have to pay taxes on their benefits,” said Maria Freese, the senior legislative representative at the The National Committee to Preserve Social Security and Medicare.
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