President Trump signed the 'Big, Beautiful' bill, creating a temporary 'senior bonus' deduction for taxpayers aged 65 and older. This deduction allows for up to $6,000 for individuals and $12,000 for married couples, effective for tax years 2025 to 2028. It targets those with income limits, phased out for higher earners. While direct tax elimination on Social Security benefits is not possible under current rules, this deduction aims to lessen tax burdens for seniors, encouraging passive income investment, particularly as interest rates potentially decrease.
President Trump signed the 'Big, Beautiful' bill, introducing a temporary 'senior bonus' deduction for older adults, reducing taxable income and shielding more Social Security benefits from taxation.
The deduction, applicable to individuals aged 65 and older earning up to $75,000, phases out at $175,000 for singles and $250,000 for couples, offering significant tax savings.
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