The One Big Beautiful Bill Act eliminates federal taxation on Social Security for 88% of senior recipients nationwide, significantly aiding financial relief for retirees. New Jersey, with 1.6 million seniors, will see substantial benefits. The plan allows for an increased deduction of up to $23,750 for single seniors and $46,700 for married couples filing jointly. This initiative is expected to alleviate financial burden, marking the largest tax break in history for seniors globally according to official statements.
This amounts to the largest tax break in history for America's seniors-and makes sure that after years of earning their Social Security, seniors can save more of their money.
The policy hinges on expanded deductions: for the 2026 tax year, a single senior will be able to claim up to $23,750 in total deductions, while married seniors filing jointly can deduct up to $46,700.
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