The One Big Beautiful Bill Slashes Seniors’ Tax Burden

Washington, D.C.--The One Big Beautiful Bill Act delivers on President Trump’s promise to seniors, providing significant tax relief to low- and middle-income seniors with a bonus exemption on top of other significant tax relief.
“This legislation reflects our commitment to care for our seniors, ensuring low- and middle-income senior citizens receive a crucial tax break and are able to keep more of the money they have earned over the course of their lives,” said Finance Committee Chairman Mike Crapo (R-Idaho).
Key wins:
What they are saying:
“The bill’s broadest tax impact comes from making permanent the reduced income tax rates enacted during Trump’s first term and initially set to expire after this year.  Another key provision, backed by AARP, provides targeted tax relief for older adults in the form of a $6,000 “bonus” deduction that could offset federal taxes on Social Security benefits.” –AARP
“The One, Big, Beautiful Bill will unleash the full potential of the U.S. economy.  It locks in permanent, pro-growth tax cuts for families, workers, and job creators.  The bill also enacts No Tax on Tips, No Tax on Overtime, and new tax cuts for seniors.  The OBBB will strengthen important programs for those who need them most and save taxpayer dollars by cutting waste, fraud, and abuse.  This consequential legislation cements the blue-collar boom and improves the lives of Americans on every rung of the economic ladder. As we saw after the passage of the 2017 Trump Tax Cuts, American businesses will hire, invest, and raise wages now that this Administration and the Republican Congress have delivered certainty and stability for the economy.” –Scott Bessent, Treasury Secretary
“Under the One Big Beautiful Bill, 51.4 million seniors – 88 percent of all seniors receiving Social Security income – will pay no tax on their Social Security.” –Council of Economic Advisers
ClickHEREto learn more about the Finance Committee provisions in the One Big Beautiful Bill Act.
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