The One Big Beautiful Bill Act introduces a senior-specific tax deduction beneficial for retirees. It offers $6,000 for single seniors and $12,000 for married couples aged 65 and older. As a result, 88% of seniors nationwide are projected to owe no federal tax on their Social Security income, a notable rise from 64%. In Oklahoma, around 600,000 seniors are expected to benefit from the exemption. Additionally, Oklahoma workers might experience real-wage gains and increased take-home pay attributed to this legislation.
The One Big Beautiful Bill Act introduces a senior deduction that is expected to eliminate federal taxes on Social Security benefits for approximately 600,000 retirees in Oklahoma.
A senior-specific tax deduction of $6,000 for single seniors and $12,000 for married couples age 65 and older has been implemented, increasing total available deductions significantly.
88% of seniors nationwide are expected to owe no federal tax on their Social Security income under the new law, a significant increase from 64%.
Oklahoma workers expect real-wage gains of $3,100 to $5,600 and take-home pay increases of $6,700 to $9,300 due to the act.
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