Under the One Big Beautiful Bill, 88% of seniors nationwide will owe no federal taxes on their Social Security benefits-up from 64% under the previous tax structure. That means about 51.4 million older Americans will see more money stay in their pockets during retirement. "This amounts to the largest tax break in history for America's seniors," a White House release noted, "and makes sure that after years of earning their Social Security, seniors can save more of their money". Thanks to increased deductions-now totaling $23,750 for single seniors and $46,700 for married couples-most beneficiaries will have enough to fully offset their Social Security income from taxation.
"A lot of these states are getting these credit programs. Some people call it a race to the bottom, and I get that. But I'm from here and I'm telling you we have a chance to make really something cool."
The proposed state budget had outlined two years of revenue limit increases, for the 2023-24 and 2024-25 school years. By editing out the text in red, Mr. Evers allowed increases until 2425.