The $4,000 bonus: Limited tax relief in the face of unfulfilled promises
If you are 65 or older, the recent tax legislation passed by the House of Representatives could provide significant financial relief: an additional $4,000 deduction . This benefit, driven by the Republican Party and aligned with proposals from P resident Donald Trump, seeks to ease the tax burden on millions of seniors in the U.S., especially those with moderate incomes. This tax bonus applies to those who file taxes with either the standard or itemized deduction. You will receive the full benefit if you earn up to $75,000 as an individual filer or up to $150,000 if married and filing jointly . Beyond these levels, the benefit gradually decreases. It is estimated that around 56 million seniors could directly benefit from this deduction, representing tangible support for those living on fixed incomes . However, while this bonus offers a visible improvement for retirees, it is neither a structural nor a permanent solution. Unlike the ...