The Senate bill proposes an additional deduction for seniors, increasing their tax relief from $4,000 to $6,000 based on income thresholds. Seniors earning up to $75,000 for singles or $150,000 for married couples are eligible, with a phase-out for higher incomes. The bill proposes support for caregivers through an expanded employer tax credit and aims to increase affordable housing investments. However, it includes Medicaid cuts that could significantly affect rural seniors, potentially resulting in millions losing health coverage by 2034, according to CBO estimates.
The Senate version of the bill would give seniors an additional deduction of up to $6,000 per eligible taxpayer, up from $4,000 in the House version.
For seniors making more than these amounts, the deduction would phase out at a 6% rate in the Senate bill and a 4% rate in the House bill.
AARP executive vice president Nancy LeaMond wrote: This increase delivers tax relief at a time when many older Americans are living on fixed incomes while facing rising costs.
The complicated bill also includes cuts that would cost seniors particularly in regard to rollbacks to Medicaid.
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