The GOP tax bill introduces a $6,000 deduction for seniors, reflecting President Trump's campaign pledge to end taxation on Social Security payments. While touted as a significant benefit for Americans aged 65 and older, nonpartisan estimates reveal that this provision will mainly aid higher-income seniors, as many lower-income individuals do not have enough tax liability to take advantage of the deduction. The provision is projected to cost about $90 billion and aims to enhance tax relief for those earning under certain thresholds, but a substantial number of seniors will remain excluded.
The GOP tax bill aims to provide seniors with a $6,000 deduction to alleviate their tax burden, aligning with Trump's campaign promise to eliminate taxes on Social Security payments.
Nonpartisan estimates suggest that the new deduction will primarily benefit higher-income seniors, as many lower-income individuals lack sufficient tax liability to claim it.
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