Social Security income tax cuts may include a huge new deduction for retirees

Contributing sentiments towards policy:

56% : "Overall, the bill would prevent tax increases on 62% of taxpayers that would occur if the TCJA expired as scheduled," the Tax Foundation noted in its analysis.
52% : "The upshot is that "Seniors" would be entitled to up to an additional deduction of $4k, but (ready for this laundry list of caveats?)..." "BTW, I'm pretty sure 'senior' here means 'someone 65 or older by the end of the year,' since they're basically bolting this provision onto the section covering 'additional standard deduction' amounts," Levine wrote. Don't spend your Social Security tax savings yet Westley and other experts, however, are urging Americans to hold off on calculating their tax savings for now.
47% : "Most seniors take the standard deduction and live on a fixed income, so the proposed deduction should provide meaningful tax relief.
46% : Tax taxes to $15 million for 2026, adjusted for inflation, which is more than a simple extension would allow.

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