The One Big Beautiful Bill introduces a senior-focused tax deduction, likely eliminating federal taxes on Social Security for 88% of seniors. In Rhode Island, around 200,000 residents aged 65 and over are projected to benefit significantly. The new deduction offers $6,000 for individuals and $12,000 for couples, potentially allowing for total deductions up to $23,750 or $46,700. This change could greatly enhance fixed incomes and help retirees manage living costs, although not all seniors will benefit equally.
Under the One Big Beautiful Bill, a senior-focused tax deduction will dramatically reduce federal taxes on Social Security income for most retirees, boosting the benefit to 88%.
For tax year 2026, eligible seniors could claim total deductions of up to $23,750 for individuals or $46,700 for couples, likely eliminating taxable Social Security income.
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