Under the newly passed OBBBA, Americans age 65 or older can claim an extra tax deduction of up to $6,000. Married couples where both spouses are 65+ may receive up to $12,000. This deduction is added to the standard or itemized deductions already available.<\/p>\n
The policy starts in 2025 and lasts through 2028 unless extended. Supporters say it will help retirees manage rising living and medical costs by lowering taxable income.<\/p>\n
Retirees with pensions, investments, or part-time jobs may benefit the most. However, the deduction phases out for individuals earning over $75,000 and couples earning over $150,000. Seniors with very low income may see little benefit because deductions only help when taxes are owed.<\/p>\n
Critics argue the policy is not targeted enough since wealthier retirees can also claim it. Others see it as helpful but only a temporary solution to rising costs.<\/p>\n
Overall, the deduction may provide modest tax relief for many seniors, especially middle-income retirees. Its long-term future will depend on whether lawmakers extend or revise it after 2028.<\/p>\n","protected":false},"excerpt":{"rendered":"