Young professionals working in a range of industries may feel like they've "made it" when the cross over into the six-figure threshold. Making $100,000 per year has been a goal many have set out to attain, and it can take some time in certain industries to hit this target. But with approximately one-fifth of the U.S. population earning this much money, and the number of six-figure earners living paycheck to paycheck surging, this sum isn't what it once was.
Under the One Big Beautiful Bill, seniors will see their Social Security income shielded from federal taxes-an adjustment projected to benefit 100,000 retirees in the state. The White House reports that 88% of Social Security recipients will pay no federal income tax on those benefits beginning with the 2026 tax year. That's up from just 64% under previous law and represents 14.2 million additional seniors keeping more of their retirement income.
The new $6,000 senior deduction is a huge win for retirees. Having this extra deduction helps lower their taxable income. This means that more of their Social Security checks and retirement benefits stay in their hands instead of being taxed.
"Childcare, as you know, has been seen as a personal problem for women and workers, but not an economic imperative. We knew we needed to get businesses to make the case..."
House Republicans faced challenges in advancing President Trump’s tax and spending cuts package, dealing with skeptical lawmakers and pressure to finalize the bill before the July 4th deadline.
"Senate Republicans moved one step closer to ripping health care away from millions of Americans to pay for massive tax breaks for billionaires," Gov. Kathy Hochul said in a statement.
The big, beautiful bill makes permanent the Tax Cuts and Jobs Act provisions, which generally benefited high earners more than most. Increased standard deductions are for individuals, heads of households, and married couples.