Core Points - The Trump Administration introduced a new tax break for seniors through the "One Big Beautiful Bill Act" (OBBBA), which includes a new standard deduction for taxpayers aged 65 and over [2][3] - The new deduction is worth $6,000 annually and is available starting in 2025, allowing married taxpayers to potentially save a total of $12,000 on their income taxes [5][7] - The tax rules for Social Security benefits remain unchanged, with retirees still subject to a partial benefits tax based on provisional income thresholds [4][6] Tax Deduction Details - The OBBBA's new deduction applies to taxpayers aged 65 and over, but does not exclusively benefit those collecting Social Security, as eligibility is determined by age and income [3] - The deduction phases out for single filers with income over $75,000 and married joint filers with income over $150,000, reducing the deduction by 6% for every additional $1,000 earned above these limits [6][7] - The tax break is set to expire in 2028, encouraging retirees to maximize their benefits before the expiration [7]