The One Big Beautiful Bill Act introduces a senior-specific deduction that offers $6,000 for individuals and $12,000 for married couples over 65. This change means that 88% of seniors will no longer pay tax on Social Security benefits. In Kentucky, approximately 800,000 seniors will benefit from this exemption. The new deductions increase significantly for seniors, with total deductions for singles reaching $23,750 and $46,700 for married couples. This legislation also anticipates wage growth and the creation of new housing units in the state, improving overall economic conditions for retirees.
The introduction of a new senior-specific deduction allows for $6,000 for individuals and $12,000 for married couples over 65, increasing tax relief for seniors.
Under the new policy, the total deductions for single seniors rise to $23,750, while married seniors filing jointly can claim up to $46,700.
Kentucky's population includes approximately 805,000 seniors, with 800,000 expected to benefit from the new tax exemption on Social Security income.
The new tax break is touted as the largest in history for seniors, increasing the portion of those exempt from paying tax on Social Security from 64% to 88%.
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