Get Most of Your Income From Social Security? You May Not Benefit From the New Senior Deduction.

The One Big Beautiful Bill Act (OBBBA) provided a generous new tax break to most retirees. Touted as a fulfillment of President Donald Trump's campaign pledge to eliminate taxes on Social Security, the new tax break in the OBBBA takes the form of a $6,000 tax deduction for eligible retirees. However, the deduction isn't directly related to Social Security and, in fact, a good number of people who collect Social Security benefits won't benefit from it at all. This group includes many people who get most of ...