The One Big Beautiful Bill Act introduces a new 'senior deduction' that phases out federal taxes on Social Security income, benefiting 800,000 seniors in Oregon. By 2026, eligible seniors could claim deductions totaling $23,750 for individuals and $46,700 for couples. This change will raise the percentage of seniors exempt from taxes on their Social Security income from 64% to 88%, potentially impacting 14.2 million seniors across the nation. Additionally, the bill is expected to increase real wages and take-home pay in Oregon.
The impact could be significant for Oregon, where 800,000 seniors stand to gain from the new law, helping relieve tax burdens on Social Security benefits.
The provision allows for a new senior tax deduction that increases the total deductions available to eligible seniors, which could reach $23,750 for individuals and $46,700 for couples.
According to the White House's announcement, the changes will lift the percentage of seniors who owe no taxes on Social Security from 64% to 88%, affecting 14.2 million seniors nationwide.
Oregon's senior demographic represents 19.5% of the state's population, indicating an above-average proportion compared to national demographics.
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