Now that the Tax Cuts and Jobs Act is signed into law many Americans will realize some kind of tax cuts. For seniors, depending on their retirement income, some will receive tax cuts while others will see no change, and some may even be worse off.
“Recently enacted changes in the tax law will increase both the numbers of taxpayers whose Social Security benefits are taxable and the portion of Social Security income that people will pay in taxes,” says The Senior Citizens League’s Social Security and Medicare policy analyst Mary Johnson.
Johnson discussed with Fox Business what the new tax legislation might mean for those nearing or in retirement.
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