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The Economic Times

Economy / The Economic Times

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Tax season guide: The truth behind Social Security tax change claims

Social Security tax changes 2026: Over 70 million Americans receive benefits from the Social Security Administration, and about 40% still pay federal taxes on them. The new One Big Beautiful Bill Act did not eliminate Social Security benefit taxes. Instead, it adds a temporary $6,000 senior tax deduction starting in 2026. This deduction may lower taxable income for retirees. But the provisional income rules and tax thresholds remain unchanged, meaning many seniors will still pay taxes on benefits.

10 Mar 2026 12:22 am