Retired New Yorkers will gain substantial tax relief under a new legislation that exempts most Social Security income from federal taxation. The senior deduction allows for a $6,000 tax break for individuals and $12,000 for couples, affecting 3.3 million retirees in New York. Nationwide, the share of seniors paying no federal tax on Social Security income is expected to rise from 64% to 88%. Additionally, projected wage increases for seniors in the workforce indicate rising take-home pay, while New York will see 22,000 new housing units created in Opportunity Zones.
The legislation introduces a senior deduction that exempts most Social Security income from federal taxation, benefiting 3.3 million retirees across New York by reducing tax burdens.
The White House states the tax bill raises the share of seniors paying no federal tax on their Social Security from 64% to 88%, impacting 51.4 million recipients.
This is predicted to provide the largest tax break in history for America's seniors, with a $6,000 deduction for individuals and $12,000 for couples.
Projected real wage increases for New York seniors in the workforce range from $4,400 to $8,000, allowing for increased take-home pay.
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