The One Big Beautiful Bill Act introduces a new senior-specific tax deduction of $6,000 for individuals and $12,000 for couples filing jointly, both over age 65. This will be added on top of existing deductions and an expanded standard deduction. The act aims to eliminate federal income tax on Social Security benefits for 88% of recipients. In Missouri, where around 1 million retirees will gain, real-wage increases for workers are projected between $3,400 to $6,100, enhancing financial situations for households with seniors.
The One Big Beautiful Bill Act introduces a senior-specific tax deduction of $6,000 for individuals and $12,000 for couples filing jointly over age 65.
According to the White House, the policy will eliminate federal income tax on Social Security benefits for 88% of recipients, up from just 64% under prior law.
Missouri's senior population is approximately 1.14 million, representing about 18% of its residents, with 1 million expected to benefit from the Social Security tax exemption.
Missouri workers are projected to experience real-wage increases of $3,400 to $6,100, while take-home pay is expected to grow by $7,000 to $9,800.
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