I Asked ChatGPT How Trump’s Tax Law Could Save Retirees Thousands: Here’s What It Said

Core Points - The One Big Beautiful Bill Act includes tax changes aimed at providing financial relief for retirees, although it does not eliminate taxes on Social Security benefits [1][3] - An additional deduction for taxpayers aged 65 and older is introduced, allowing up to $6,000 for singles and $12,000 for married couples, which can lower taxable income [4][5] - The new deduction phases out at modified adjusted gross incomes of $75,000 for singles and $150,000 for joint filers, and it is set to expire in 2028 [4] Tax Relief for Seniors - The law extends or makes permanent many provisions from the Tax Cuts and Jobs Act (TCJA), including lower tax brackets and increased SALT deductions, which generally benefit seniors [6] - Retirees with taxable income in lower brackets will experience reduced tax liabilities compared to previous tax schedules [7]