"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."
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.
Read at SFGATE
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