ERNews

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 ...

President Donald Trump has raised alarms over the fiscal consequences that could arise if his ambitious legislative package, known as the 'One Big Beautiful Bill' , does not gain approval. This extensive spending and tax package, which has already passed the Republican-controlled House of Representatives, encapsulates many of Trump's key priorities. Central to the bill is the permanence of the 2017 tax cuts, a cornerstone of Trump's economic agenda. The 2017 tax cuts, enacted through the Tax Cuts and Jobs Act (TCJA) , are set to expire after 2025. Trump's assertion of a looming tax hike appears to be directly tied to the future of these fiscal policies. By making these cuts permanent, the bill aims to avert a tax increase that could impact American taxpayers. The President's backing of the current package comes with expectations of some adjustments to ensure its passage. Republicans are employing the budget reconciliation process to...