The One Big Beautiful Bill Act introduces a senior-specific deduction aimed at retirees in Mississippi, allowing individuals over 65 to deduct $6,000 and couples $12,000 from their federal income tax. This deduction is coupled with an increase in the standard deduction, resulting in 88% of seniors no longer paying tax on their Social Security benefits, an increase from 64%. Additionally, legislation is projected to raise workers' real wages and take-home pay, further aiding aging households.
The One Big Beautiful Bill Act introduces a senior-specific deduction of $6,000 for individuals and $12,000 for married couples age 65 and older, helping 88% of seniors avoid federal tax on their Social Security checks.
The White House has labeled the senior deduction as 'the largest tax break in history for America's seniors,' aimed at allowing retirees to 'save more of their money' after years of contributing to Social Security.
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