The One Big Beautiful Bill Act provides significant retirement tax relief to seniors, especially in North Carolina. It introduces a senior deduction of $6,000 for individuals over 65 and $12,000 for couples, allowing for a total of $23,750 in deductions for single seniors and $46,700 for married couples. As a result, 88% of seniors will no longer pay federal taxes on Social Security benefits. Approximately 1.9 million seniors in North Carolina will benefit from this law, potentially leading to substantial economic impacts, including real-wage gains for local workers.
The OBBBA created a deduction specifically for seniors: $6,000 for individuals over age 65 and $12,000 for qualifying couples, increasing the total deductions significantly.
88% of seniors will no longer pay federal taxes on their Social Security benefits, compared to 64% before the new law took effect.
This amounts to the largest tax break in history for America's seniors, aimed at helping them retain more of their income.
North Carolina has nearly 1.9 million residents aged 65 and older benefiting from the Social Security tax exemption, impacting the state's economy significantly.
#retirement-tax-relief #social-security #north-carolina-seniors #federal-income-tax #economic-impact
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