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How Social Security Benefits Are Taxed
About 68 million Americans collect Social Security benefits.
As of January 2025, the average monthly Social Security retirement benefit was estimated to be around $1,976.
Most recipients forfeit nothing to the IRS.
The rich, however, would reap the lions share of the gains.
Theyd get an average tax cut of nearly $2,500 in 2025.
For them, Trumps plan wouldnt leave them with a single extra dollar.
Lower-income retirees, who are already exempt from these taxes, wouldnt see any change.
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