The One Big Beautiful Bill Act introduces a senior deduction set to eliminate federal income tax on Social Security benefits for approximately 400,000 retirees in New Mexico. The law creates a deduction of $6,000 for individuals and $12,000 for married couples over 65, benefiting about 88% of seniors nationwide. New Mexico has around 421,000 seniors aged 65 and older, and these changes could contribute to significant financial relief. Additionally, wage increases and enhanced take-home pay are expected to support households with elderly family members.
The One Big Beautiful Bill Act introduces a senior deduction expected to eliminate federal income tax on Social Security benefits for 400,000 older New Mexicans.
88% of seniors nationwide are expected to owe no federal income tax on their Social Security benefits, compared to just 64% before the law was passed.
In 2026, the total deductions available to seniors are projected to reach $23,750 for individuals and $46,700 for qualifying couples.
Real-wage increases in New Mexico are estimated between $3,100 and $5,600, while real take-home pay could rise by $6,700 to $9,300.
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