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Will seniors benefit from the Big Beautiful Bill?

The tax bill approved by Senate Republicans on Tuesday includes a proposed $6,000 deduction for seniors, the legislative version of President Donald Trump’s 2024 campaign pledge to end taxes on Social Security payments.

The new deduction is one of the flashiest provisions in the Trump tax legislation, and the White House has been eager to tout it as a major economic benefit for Americans 65 or older. But the provision would not benefit tens of millions of low-income seniors, and it would hasten the date by which the Social Security trust fund runs out of money, according to nonpartisan estimates.

Caption from article by Jeff Stein.

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