Reported about 21 hours ago
President Trump's recent domestic policy bill offers a temporary $6,000 tax deduction for seniors aged 65 and older, set to benefit primarily upper-middle-class retirees. The deduction, which is $12,000 for couples, phases out for individuals earning over $75,000. While this measure potentially aids middle-income retirees in lowering tax liabilities, it largely excludes lower and higher-income seniors. Importantly, the deduction does not equate to a tax cut for Social Security benefits and could expedite Social Security and Medicare's insolvency timeline.
Source: YAHOO