The One Big Beautiful Bill Act offers a new tax advantage to Mississippi seniors, allowing individuals over 65 to deduct $6,000 and married couples to deduct $12,000 on their federal income tax. This deduction is projected to enable approximately 500,000 retirees in Mississippi to avoid federal income tax on their Social Security benefits. Combined with existing deductions, 88% of seniors will not face federal tax on Social Security checks. Projected benefits include increased real wages and take-home pay, enhancing financial well-being for aging households.
The One Big Beautiful Bill Act (OBBBA) introduces a senior-specific deduction that allows individuals over 65 to deduct $6,000 and couples to deduct $12,000.
88% of seniors will not pay federal tax on their Social Security checks, significantly rising from 64% under previous law.
The White House calls the senior deduction 'the largest tax break in history for America's seniors,' aimed to help retirees save more from Social Security.
Mississippi is home to approximately 516,000 residents aged 65 and older, with around 500,000 expected to qualify for the new Social Security tax exemption.
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