One Big Beautiful Bill, Tax Deduction and Texas retirees
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The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees,
The Sacramento Bee on MSN1d
Trump Announces Senior Tax Deduction
President Donald Trump has promoted a new $6,000 senior tax deduction and pledged to protect Social Security, and Commissioner Frank Bisignano has outlined efforts to modernize the system. Analysts have warned about risks of insolvency and unequal benefit distribution,
In tax year 2025, an individual filer over 65 will be able to deduct up to $23,750 from their income tax return.
Federal tax cuts, made permanent by the "One Big Beautiful Bill," promise more money for taxpayers with increased deductions and adjusted tax brackets.
Roughly 1.8 million Georgia retirees are set to gain from the new federal senior deduction, which exempts most Social Security income from taxes starting in 2026. The One Big Beautiful Bill