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What to know about the $6,000 ‘senior deduction’ in GOP megabill
- Senate Republicans approved a tax bill on Tuesday that includes a temporary $6,000 deduction for seniors aged 65 and older, effective 2025 through 2028.
- The bill follows President Donald Trump's 2024 campaign pledge to eliminate taxes on Social Security benefits, though the deduction phases out by income thresholds.
- The deduction phases out at 4% in the House and 6% in the Senate, starting at $75,000 modified adjusted gross income for singles and $150,000 for couples.
- The Congressional Budget Office projects the bill would raise the proportion of seniors exempt from Social Security income tax from 64% to 88%, while providing middle-income tax breaks of $500 to $1,500.
- The deduction will expire in 2028, and experts note it might hasten Social Security trust fund insolvency but offers most seniors a substantial, though temporary, tax benefit.
15 Articles
15 Articles
Social Security Tax Break Won't Affect Richest, Poorest Seniors
President Trump has promised that the "Big Beautiful Bill" approaching a final vote in the House will "eliminate" taxes on Social Security benefits—but while many seniors are set to get a tax break if the bill passes, the truth is a little more complicated. Some 64% of seniors already...
How the $6,000 ‘senior deduction’ in the big GOP bill will work · American Wire News
President Donald Trump’s push to help Americans over the age of 65 may be possible with a provision in the “big, beautiful bill,” which passed the Senate on Tuesday. Trump’s Council of Economic Advisers noted that the bill “delivers on President Trump’s promise of No Tax on Social Security,” providing the “largest tax break in American history for our nation’s seniors.” “The One Big Beautiful Bill provides a new bonus deduction of $6,000 for se…
What to know about the $6,000 ‘senior deduction’ in GOP megabill
The Senate’s version of the “big, beautiful bill,” passed on Tuesday, includes a $6,000 tax deduction for Americans 65 or older. The provision does not entirely end taxes on Social Security, but it would zero out the Social Security tax burden for 88 percent of seniors, according to an estimate by President Trump’s Council of…
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