Additional Income Tax Deduction for Seniors is part of Trump’s big bill - The Hill
President Trump’s “Big Beautiful Bill” has passed the House and is headed for the Senate. This means Trump’s tax cuts from 2017 will remain in place. Also, the bill includes an additional $4,000.00 tax deduction for America’s Seniors. House Ways and Means Chairman Jason Smith (MO-08), in a House floor statement on the bill’s progress, described the tax measure this way, “President Trump promised no taxes on Social Security – and in this bill we deliver, low and middle income seniors on Social Security will now have their tax liability erased with an increase in their standard deduction.” This is not the “no tax on Social Security” we hoped for, but it is a step in the right direction. This article by Tobias Burns for The Hill explains in detail about the bills affect on taxes.
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