Retired? A $40,000 Deduction & Social Security Tax Cuts Could Save You Thousands!

00:00 Intro
00:42 Bonus Tax Relief for America’s Seniors Act
02:20 Tax Relief Unleashed for Seniors by Trump Act
02:52 How Social Security is Taxed
05:14 Potential Changes
07:16 If Both Bills Pass Example
08:57 Example with Social Security, Traditional 401K and Roth (before & after)
11:23 Bloopers

Big tax changes could be coming for retirees! 🚨 On February 17, 2025, two new bills were introduced in the U.S. House of Representatives that could mean huge tax savings for seniors. The Bonus Tax Relief for America’s Seniors Act and the Tax Relief Unleashed for Seniors by Trump Act aim to reduce the tax burden on retirees by raising the standard deduction to $40,000 for married couples and increasing the income thresholds for Social Security taxation. But how much could this really save you? Let’s break it down!

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Disclaimer: Please note that this video is made for entertainment purposes only and not to be taken as financial advice. Always make sure to do your own research.

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