The One Big Beautiful Bill Act introduces a senior-specific deduction allowing individuals aged 65 and over to deduct $6,000, with married couples receiving $12,000. This law aims to exempt about 88% of seniors from federal taxes on Social Security benefits, a significant increase from the previous 64%. In Nebraska, approximately 300,000 seniors will benefit from this deduction amid rising living costs. By 2026, seniors can deduct up to $23,750 individually and $46,700 for couples, delivering substantial economic relief to retirees and contributing to broader wage increases state-wide.
The OBBBA introduces a senior-specific deduction of $6,000 for individuals aged 65 and over and $12,000 for married couples filing jointly, enhancing overall tax relief.
88% of seniors nationwide will not pay federal tax on Social Security benefits under the OBBBA, compared to 64% under the prior tax code.
For tax year 2026, qualifying seniors can deduct up to $23,750 for individuals and $46,700 for married couples, significantly benefiting older Americans in retirement.
Nebraska's estimated 300,000 seniors benefiting from the OBBBA's provisions signifies economic relief amidst rising cost-of-living concerns within the state.
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