Summary
A new tax exemption allows seniors to deduct $6,000 from their taxes as part of the Working Families Tax Cut. This tax break, part of President Donald Trump's One Big Beautiful Bill Act, is available from 2025 to 2028 for seniors who meet certain income requirements. The exemption has sparked anger online as younger generations feel left out.
Key Facts
- The $6,000 tax exemption is available for seniors aged 65 and older.
- This benefit is part of the One Big Beautiful Bill Act, signed by President Trump.
- Eligibility requires individuals to earn up to $75,000 or couples up to $150,000, with phase-out limits.
- The deduction is for tax years 2025 through 2028.
- The exemption has received criticism online for not benefiting younger families.
- The exemption phases out entirely for single filers with income over $175,000 and couples over $250,000.
- The act also includes other tax deductions, such as for qualified overtime pay.
