How much in savings will the new deductions provide? - The Motley Fool
When the “Big, Beautiful Bill” was signed into law on July 4th, it included a new senior tax deduction (temporary) aimed at those seniors who pay taxes on their Social Security. Because this bill was a reconciliation bill, it could not include a provision to eliminate taxes on Social Security (Byrd Rule), but it created a workaround. According to the U.S. Treasury Department, under the existing tax code, 64 percent of Americans over 65 claim Social Security benefits and qualify for enough exemptions and deductions that exceed their taxable Social Security income. Now, with the passage of the bill, the White House expects the percentage to jump to 88 percent of Social Security recipients age 65 and over. Bram Berkowitz, writing for The Motley Fool, explains how 14 million retirees will see a lower tax bill under the Big, Beautiful Bill. Read Mr. Berkowitz’s article here…
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