Millions of retirees could see their tax bill reduced if one or both proposed federal bills are passed. The Bonus Tax Relief for America’s Seniors Act and Tax Relief Unleashed for Seniors by Trump (TRUST) Act are on the table.
Seniors have been hit hard by the turbulent economy and any relief is welcome. But how will these two bills benefit retirees, and what will it take to pass them?
Bonus Tax Relief for America’s Seniors Act
Although President Donald Trump campaigned on the elimination of taxes on Social Security benefits, the Bonus Tax Relief for America’s Seniors Act (H.R. 1130) is a separate reduction.
Proposed by lawmakers Reps. Nicole Malliotakis (R-N.Y.), Mike Carey (R.-Ohio), and Jimmy Panetta (D-Calif.), it’s bipartisan legislation that would increase the additional standard deduction that Americans 65 and over enjoy.
