As a Senior living on a fixed income, if the Bill passes and I don’t have to pay Federal Income Taxes on my Social Security income, I figure it will save me almost 1,000 dollars per year. That is, if my calculations are correct.

You might wanna do some reading on this...

This bill did not eliminate federal income taxes on SS.

The bill (if passed unchanged by the Senate)...allows a $4000 tax deduction on SS income for seniors over the age of 65.

I'd not count your chickens yet, they still lost a lot of stuff due to the Demo's refusing to talk, and the Republican's had one no vote and two against still !! So Rino's are alive and well !!

Senate may be easier but the argument may be longer

I would enjoy not paying on my SS as well, but seems no one in either party can get going with anything to do with SS !!!

This explains the House version that passed....

In summary: an increased standard deduction for all tax filers. And an additional $4000 for 65 and older.

Keep in mind that these are temporary changes.....set to expire in 2028 unless re-done.

Still a heck of deal for seniors. If SS is 24K a year and you are at 12% tax bracket that is 2800$ so it is a win for seniors it is a break, better then a kick in the hole.

I hope it's the right move for the country. I like both Donald Trump and Thomas Massie. Their views on this bill 100% opposite of each other. I hope Massey does not get primaried. I don't think he will.

Ol dad

I think Massie wanted more cuts....and it wouldn't have passed at all without some give & take.

What about the debt increase?

the $40k SALT is what gets my goat. It is the very definition of a tax break for the wealthy.

I don't know where they are getting those figures. The Standard deduction for joint filers for 2024 was already at $29,200. Also if you raise the standard deduction by 4K you don't save 12% of 24 K or $2800, you save the extra 12% of the 4 K or $480. Not near what has been calculated here but still a savings. All those temporary increases go until the next presidential election year, unlike many that go much longer term.

Bryce

The national debt only matters when your party isn't the party in power. (That goes for both D and R).

Another monstrous spending bill. One of those days the party is going to be over

Proven time and time again.

You are correct. Im not sure why those figure I copied are incorrect. They came directly from an article about the new bill.

Standard deduction for joint filers will increase to $32,000.

It's going to be Yuge! Typical politics. Picking winners and loser and buying votes with debt.

Maybe the politicians making those decisions don't even have a clue what the numbers are today and may well be one reason why they have no Idea what the impacts will be short or long term. Political survival comes at a great cost and not just financial.

Bryce

Looks like the big losers are those relying on medicaid & ACA.

Not taking sides, it doesn't affect my situation.

I haven't researched the Medicaid cuts, but these are supposedly State programs and the financial burden will just possibly shift to the States?

Your man Ted Cruz supports it.

"NewsNation) — Sen. Ted Cruz, R-Texas, has defended President Trump’s “big, beautiful bill,” arguing it will create jobs and economic growth"

Ol dad

Yes, but some states are indicating they can't make up the shortfall...The expanded medicaid states like Kentucky will really be on the hook.

Kentucky has been talking about eliminating state income tax...Bet that doesn't happen now.