Latest tax changes in the BBB
 

See the latest tax changes to the current BBB being voted on in the Senate. Unknown are any amendments altering this part

Means potentially more ROTH conversion ability at a lower tax rate but only if receiving SS

good luck out there, don’t be someone else’s exit liquidity!

Bonus deduction is great. But what good is it for seniors, if you are not paying any income tax.

It casts a wider net for those low income seniors who are paying income taxes and are stretching to make ends meet. We know quite a few in that position. If you are not paying any income taxes at this point, you are already ahead in the tax dept.

If you make so little in SS and 401K deductions that you pay no income tax then you’re right. For most of us who do pay taxes on SS income, this could be worth about $1,300.

One can do just so much with just so much and it appears there is an attempt to aid those living on limited SS income.

The cynical part of me has me worried that this is a small bone that they are throwing out to seniors to soften the blow from future cuts to Medicare and/or Social Security benefits. I guess time will tell?

This is better. He didn't have the power to cut taxes on SS. Only congress could and they won't. More folks benefit from the higher deduction.....IF/IF congress passes this one. It's not looking sunny right now.

How is this better? If I get $40,000 in SS benefits and it is not taxed, it is like getting a $40,000 deduction. Instead Congress is giving me a $4000 or $6000 deduction, and only if I don't have too much income, whoop de doo. I'm sure there are seniors who voted the way they did because of this promise; instead it turned out to be a bait and switch.

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CBO says it adds 3.9 TRILLION dollars to the deficient.

This is good...why?

The debt is going to send us to the stone ages. The rich must pay more taxes. It’s the only way to make a dent.

Define rich.

And while you're at it, what would be their "fair share"?

So you didn’t get everything you wanted, but you got 4,000 more in deductions and you are better off than last year, correct? It’s out of our control, so I give thanks for the increase deduction even though i haven’t started collecting, though past FRA.

No, it really doesn't help low income seniors. We're not "ahead" in any department. If we were in a financial position to have to pay more tax, it'd mean we were earning a lot more income than we are now. That'd be a great thing.

The fact that we don't pay income tax means we're TOO POOR. There's nothing "ahead" about that.

Getting an additional $6000 bonus won't do us ANY good, at all. It gives people who are NOT poor a bonus, and poor people continue to be poor.

One thing they could do, is expand Medicaid for seniors heading into nursing homes or requiring palliative care at home.

People living on low income, have little to no tax burden in the first place. If by taking the standard deduction you'd end up getting a full refund on any taxes you've paid, with a net of zero -

then getting an additional $6000 deduction wouldn't change anything, at all. You'd still net zero.

There are seniors living right here in The Villages who would be in this situation. There are millions of seniors all around the country who would be in this situation.