These Seniors Are Left Out of The Big Beautiful Bill's Big Tax Break
Briefly

Americans aged 65 and older can benefit from a $6,000 tax deduction until 2028 under the Big Beautiful Bill, applicable to both itemizers and standard deduction filers. However, this legislation does not exempt seniors from taxes on Social Security benefits, which many moderate to high earners face. Although the tax break can relieve some financial burden for many seniors, it does not aid higher-income individuals who already lose portions of their Social Security checks to federal and state taxes.
Under the new Big Beautiful Bill, Americans ages 65 and over can claim a bonus tax deduction of $6,000 through 2028. This tax break can be claimed by people who itemize as well as people taking the standard deduction.
Higher earners may not benefit from these new provisions. Moderately high earners often lose a portion of their Social Security checks to taxes, which can also apply to state taxes.
Read at 24/7 Wall St.
[
|
]