New bill provides tax relief for seniors
The Social Security Administration is celebrating recent legislation that delivers tax relief to millions of older Americans. The bill ensures that almost 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing immediate relief to seniors who have spent a lifetime contributing to the nation’s economy. The new law also provides an enhanced deduction for taxpayers 65 and older, ensuring retirees can keep more of what they have earned.
“For nearly 90 years, Social Security has been a cornerstone of economic security for older Americans,” said Social Security Commissioner Frank Bisignano. “By significantly reducing the tax burden on benefits, this legislation will help ensure that seniors can better enjoy the retirement they have earned.”
For more information, visit ssa.gov.
