"The One Big Beautiful Bill Act includes a senior-specific tax deduction: $6,000 for individuals and $12,000 for married couples over age 65, exempting 88% of seniors from federal taxes on Social Security benefits. The legislation promises economic benefits for Michigan residents, with expected real-wage increases between $3,400 and $6,100 and take-home pay rising by $7,000 to $9,900, enhancing household budgets amid rising inflation."
"According to Treasury estimates, deductions now total $23,750 for single seniors and $46,700 for married couples, significantly increasing the financial relief for retirees."
The One Big Beautiful Bill Act offers a tax deduction for seniors, exempting approximately 1.7 million Michigan seniors from federal taxes on their Social Security benefits. The deduction amounts to $6,000 for individuals and $12,000 for married couples over 65, impacting 88% of seniors nationwide. Additionally, Michigan expects wage increases for workers, resulting in enhanced take-home pay and improved budget flexibility. This tax reform aims to provide financial relief and support economic growth.
Read at SFGATE
Unable to calculate read time
Collection
[
|
...
]