Seniors
Taxes: Middle-income seniors reaped one of the biggest tax breaks in the legislation — a new $6,000 deduction ($12,000 for a couple) for those 65 and older who earn as much as $75,000 per year (or $150,000 for a couple). The deduction decreases for higher earners, and it phases out altogether for singles who exceed $175,000 a year and couples after $250,000.
Health care: While many seniors rely on Medicare to cover their medical expenses, the federal health insurance program doesn’t cover long-term care. That means many older adults end up turning to Medicaid, the government health insurer for the poor, which covers more than 60 percent of the nation’s nursing home residents. The legislation’s deep cuts to Medicaid could force some nursing homes to shutter or scale back services, making it harder for seniors to find a spot in a facility.
Families
The bill includes several new and enhanced benefits for households with children, including:
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