Reported 2 days ago
President Trump's new 'Big, Beautiful Bill' introduces a temporary tax break for seniors, offering a deduction of up to $6,000 for retirees 65 and older from 2025 to 2028. While the Senate version allows $6,000 for individuals and $12,000 for couples, the House proposal caps it at $4,000 per person. Eligibility phases out for higher incomes, impacting middle-income retirees the most. The proposal, costing an estimated $30 billion annually, also raises concerns over the impact on the Social Security trust fund and requires reconciliation between House and Senate amounts before final approval.
Source: YAHOO