The Daily Beast: Under the megabill, seniors get an additional deduction of $6,000 off their taxes ($12,000 for couples). But that deduction begins phasing out for those who earn more than $75,000 ($150,000 for couples) and disappears entirely for those earning more than $175,000 ($250,000 for couples). The tax break also expires at the end of Trump’s term in 2028.
Many seniors with low income would not benefit from the additional deduction, according to the Bipartisan Policy Center, which also raised concerns about “intergenerational fairness, since it would provide a tax benefit to those over the age of 65 that is not available to younger taxpayers with identical incomes.”
A similar analysis by the Tax Foundation found that the additional deduction would mostly benefit those with higher incomes.