Social Security Administration sends misleading email lauding Trump's new tax cuts law

[progree]

18. GoBankingRates has an explanation -- based on a MAY 22 CBS article before the Senate came up

with its own version that ultimately the House approved without change on July 3 and that Rump signed.

The GoBankingRates article was dated July 5 (yes, today), and uses information from an old discarded piece of legislation from May 22. Shameful example of AI-generated garbage.

In https://www.democraticunderground.com/10143490887#post10

where I have a subthread going on about the SSA email and 3 articles that are inconsistent with each other to be polite about it. And questions remaining, e.g. is it a deduction or a tax credit (Forbes claims the latter). If a deduction, is it "above the line" so that people who take the standard deduction benefit, or "below the line" where people don't benefit unless they itemize deductions -- and the total of the itemized deductions exceeds the standard deduction. If it's a tax credit, is it "refundable" or not? And so on.

I see some commentary on DU that only the rich benefit (actually one thing that is consistent is that the deduction begins phasing out beginning at $75,000 AGI or MAGI (for singles, $150,000 for married couples) and one article says the phase out is with a slope so that its completely phased out at like twice these levels, so no, Warren Buffett doesn't get any benefit from it.) EDIT-well the SSA email doesn't mention any phaseout /Edit

Another typical comment is that I don't pay taxes on SS, or very little, so this won't help me at all, or only a little. Well, as I understand it, the deduction is for all seniors (age 65+), and I haven't seen any reporting about any MINIMUM thresholds, only the upper thresholds in the above paragraph -- it that's true, then the size of the deduction is independent on how little or much you're paying in SS taxes now.

We can't make declarations about who benefits and who doesn't without understanding what's really in the legislation, now law.

In any case, its temporary -- it lasts only for 3 or 4 years (I forget which, I think its tax years 2025, 2026, 2027, and 2028).

I'm ecstatic that some DUers have the luxury of throwing out information that will affect their taxes. I don't have that luxury -- certain decisions I have to make before year end or before (or should make to save me money) depend on my projected tax bracket and my projected AGI. I choose not to throw away information, and consequently end up paying more to Krasnov's government.