The Trump administration's One Big Beautiful Bill Act aims to financially assist Iowa's aging population. A notable aspect is the senior deduction, expected to exempt 600,000 Iowa seniors from federal taxes on their Social Security income. At the national level, the bill increases the standard deduction and introduces a senior-specific deduction for those over 65, allowing 88% of seniors to owe no federal tax on their Social Security benefits. Overall, this legislation will produce real-wage growth in Iowa households and alleviate tax burdens for countless retirees.
"This amounts to the largest tax break in history for America's seniors," the White House stated, emphasizing that the policy ensures retirees can "save more of their money" after decades of contributions.
Under the new law, all 600,000 are expected to benefit from the elimination of taxes on their Social Security income, according to the White House metrics released.
Collection
[
|
...
]