The One Big, Beautiful Bill Act introduces a senior-specific tax deduction aimed at tax relief for retirees in Washington. Approximately 1.2 million seniors will benefit from a new deduction that raises the share of individuals exempt from Social Security income tax from 64% to 88%. The legislation provides a $6,000 deduction for single seniors and $12,000 for married couples, significantly impacting tax liabilities. Washington, with a large senior population, expects substantial economic benefits including wage increases and development of affordable housing units.
The One Big, Beautiful Bill Act introduces a senior-specific deduction that will exempt most Social Security income from federal income tax, benefiting 1.2 million retirees in Washington.
Under this legislation, the share of seniors who won't pay taxes on Social Security increases from 64% to 88%, impacting 14.2 million more tax-exempt retirees.
The new senior tax deduction includes $6,000 for single seniors and $12,000 for married couples, effectively removing Social Security income from taxable income for most retirees.
The state of Washington stands to benefit significantly from this legislation with projected wage increases, rising take-home pay, and the development of new affordable housing units.
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