The Bulletin July 4, 2025
Why it matters: The SSA specified that the legislation enacts a $6,000 tax deduction for individuals aged 65 or older with income up to $75,000—or up to $150,000 for married couples. Above these thresholds, the deduction phases out, ending at incomes of $175,000 for individuals and $250,000 for couples.
Read more in-depth coverage:
AOC Warns of ICE 'Explosion' After Trump Bill Passes
TL/DR: The SSA's response comes amid fierce political debate over the bill's long-term consequences for retirees and the federal budget.
What happens now? Trump is scheduled to sign the "One Big Beautiful Bill" into law in the Oval Office at 5 p.m. ET on Friday. The new Social Security deduction provisions are set to take effect in tax year 2026 and remain in effect through 2028.
Deeper reading Social Security Responds to Trump's 'Big, Beautiful Bill'
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


San Francisco Chronicle
16 minutes ago
- San Francisco Chronicle
Trump says he's considering 'taking away' Rosie O'Donnell's US citizenship
WASHINGTON (AP) — President Donald Trump says he is considering 'taking away' the U.S. citizenship of a longtime rival, actress and comedian Rosie O'Donnell, despite a decades-old Supreme Court ruling that expressly prohibits such an action by the government. 'Because of the fact that Rosie O'Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,' Trump wrote in a social media post on Saturday. He added that O'Donnell, who moved to Ireland in January, should stay in Ireland 'if they want her.' The two have criticized each other publicly for years, an often bitter back-and-forth that predates Trump's involvement in politics. In recent days, O'Donnell on social media denounced Trump and recent moves by his administration, including the signing of a massive GOP-backed tax breaks and spending cuts plan. It's just the latest threat by Trump to revoke the citizenship of people with whom he has publicly disagreed, most recently his former adviser and one-time ally, Elon Musk. But O'Donnell's situation is notably different from Musk, who was born in South Africa. O'Donnell was born in the United States and has a constitutional right to U.S. citizenship. The U.S. State Department notes on its website that U.S. citizens by birth or naturalization may relinquish U.S. nationality by taking certain steps – but only if the act is performed voluntary and with the intention of relinquishing U.S. citizenship. Amanda Frost, a law professor at the University of Virginia School of Law, noted the Supreme Court ruled in a 1967 case that the Fourteen Amendment of the Constitution prevents the government from taking away citizenship. 'The president has no authority to take away the citizenship of a native-born U.S. citizen," Frost said in an email Saturday. 'In short, we are nation founded on the principle that the people choose the government; the government cannot choose the people.' Responding to Trump Saturday, O'Donnell wrote on social media that she had upset the president and 'add me to the list of people who oppose him at every turn.'


Bloomberg
22 minutes ago
- Bloomberg
Trump Allies Open New Front Against Powell Over Building Rehab
President Donald Trump and his allies have seized upon a new way to criticize the head of the US central bank: his handling of an expensive renovation of the Fed's headquarters. The construction project offers the clearest example yet of how Trump and those in his orbit are looking for every opportunity to scrutinize Jerome Powell's leadership at the central bank, even beyond his economic stewardship.

Associated Press
22 minutes ago
- Associated Press
Trump says he's considering 'taking away' Rosie O'Donnell's US citizenship
WASHINGTON (AP) — President Donald Trump says he is considering 'taking away' the U.S. citizenship of a longtime rival, actress and comedian Rosie O'Donnell, despite a decades-old Supreme Court ruling that expressly prohibits such an action by the government. 'Because of the fact that Rosie O'Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,' Trump wrote in a social media post on Saturday. He added that O'Donnell, who moved to Ireland in January, should stay in Ireland 'if they want her.' The two have criticized each other publicly for years, an often bitter back-and-forth that predates Trump's involvement in politics. In recent days, O'Donnell on social media denounced Trump and recent moves by his administration, including the signing of a massive GOP-backed tax breaks and spending cuts plan. It's just the latest threat by Trump to revoke the citizenship of people with whom he has publicly disagreed, most recently his former adviser and one-time ally, Elon Musk. But O'Donnell's situation is notably different from Musk, who was born in South Africa. O'Donnell was born in the United States and has a constitutional right to U.S. citizenship. The U.S. State Department notes on its website that U.S. citizens by birth or naturalization may relinquish U.S. nationality by taking certain steps – but only if the act is performed voluntary and with the intention of relinquishing U.S. citizenship. Amanda Frost, a law professor at the University of Virginia School of Law, noted the Supreme Court ruled in a 1967 case that the Fourteen Amendment of the Constitution prevents the government from taking away citizenship. 'The president has no authority to take away the citizenship of a native-born U.S. citizen,' Frost said in an email Saturday. 'In short, we are nation founded on the principle that the people choose the government; the government cannot choose the people.' O'Donnell moved to Ireland after Trump defeated Vice President Kamala Harris to win his second term. She has said she's in the process of obtaining Irish citizenship based on family lineage. Responding to Trump Saturday, O'Donnell wrote on social media that she had upset the president and 'add me to the list of people who oppose him at every turn.'