The Senate passed a bill on Tuesday that would provide a $6,000 tax deduction for seniors aged 65 and over with incomes below certain thresholds. The measure, which passed with bipartisan support, is seen as part of Trump’s broader agenda to reform Social Security. The provision would benefit around 88% of seniors in this age group, according to the Social Security Administration.
While supporters of the bill argue that it would help reduce the financial burden on aging Americans, critics warn that the tax cut could strain the already stretched Social Security system. The bill’s provisions would allow seniors to deduct up to $6,000 from their taxable income, which could significantly lower their tax liability. However, some analysts are concerned that the measure may not address the long-term funding challenges facing the program.
Under the proposal, the tax break would apply to seniors with individual incomes up to $75,000 or married couples earning up to $150,000. The measure is seen as a response to growing concerns among older Americans about the financial future of the Social Security program. However, its long-term impact on the program’s solvency remains a subject of debate.