By Jeff Stein
Under current law, most taxpayers claim the standard deduction of $15,000 (or $30,000 for couples) to reduce their tax liability, though the GOP tax bill would increase those amounts slightly. Additionally, seniors already qualify for an additional deduction of $2,000 (or $3,600 for couples).
The Senate bill would create a third category that gives seniors an additional $6,000 (or $12,000) off their taxable income, provided they are below a certain income threshold. Seniors earning more than $75,000 per year ($150,000 for couples) would start to see a smaller deduction, which gradually diminishes and then disappears for those earning more than $175,000 ($250,000 for couples).
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