Overview
- The measure provides up to a $6,000 deduction per eligible filer for tax years 2025 through 2028.
- Eligibility requires being 65 or older by year‑end, with phaseouts for single filers from $75,000 to $175,000 and for married joint filers from $150,000 to $250,000.
- Taxpayers can claim it in addition to the standard or itemized deduction, and qualifying spouses may each claim it.
- The change is expected to increase a typical senior’s after‑tax income by about $670 for 2025.
- The rule does not directly alter Social Security benefit taxation, but lower taxable income will reduce many beneficiaries’ tax bills, a shift analysts warn could hasten depletion and potentially lead to future policy changes.