The One Big, Beautiful Bill allows many seniors to exempt their Social Security benefits from federal taxation, significantly helping Connecticut's retired population of around 700,000. The bill raises the percentage of retirees who will not pay taxes on these benefits from 64% to 88%. For individuals, there is a new senior tax deduction of $6,000 and for couples, $12,000. However, eligibility for the deduction phases out at incomes of $75,000 for individuals and $150,000 for couples, potentially leaving some seniors without benefits.
The One Big, Beautiful Bill introduces a new senior tax deduction of $6,000 for individuals and $12,000 for married couples, exempting many from federal tax.
Approximately 700,000 seniors in Connecticut are expected to benefit from this tax relief, reflecting a nationwide increase in non-taxable Social Security payments.
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