← U.S. Wealth Inequality & the OBBBA
The OBBBA introduces a new senior tax deduction of $6,000 for individuals aged 65 or older ($12,000 for married couples where both are 65+), which phases out at 6% per $1,000 of MAGI above $75,000 (single) or $150,000 (joint) and disappears entirely at $150,000 (single) or $250,000 (joint).
reported by 3 outlets · Reported fact · first recorded Jul 9, 12:46 PM
How each outlet reported it
fool.comUnrated · Jul 9, 12:46 PM
The OBBBA introduces a new senior tax deduction of $6,000 for individuals aged 65 and older.
Details: $6,000; 65 and older
fool.comUnrated · Jul 9, 12:46 PM
The OBBBA introduces a senior tax deduction of $12,000 for married couples if both individuals are at least 65 years old.
Details: $12,000; married couples; both 65
fool.comUnrated · Jul 9, 12:46 PM
The new senior deduction phases out at a rate of 6% for every $1,000 in Modified Adjusted Gross Income (MAGI) exceeding $75,000 for single filers and $150,000 for married joint filers.
Details: 6%; $75,000 single; $150,000 married
fool.comUnrated · Jul 9, 12:46 PM
The senior deduction disappears at $150,000 MAGI for single filers and $250,000 for married joint filers.
Details: $150,000 single; $250,000 married
aol.comUnrated · Jul 9, 12:46 PM
About 34 million seniors claimed the extra $6,000 deduction in the tax year
Cites: House Ways and Means Committee · Details: 34 million seniors; $6,000
finance.yahoo.comUnrated · Jul 9, 12:46 PM
The OBBBA introduces a new senior tax deduction of $6,000 for individuals aged 65 and older.
Details: $6,000; aged 65 and older
finance.yahoo.comUnrated · Jul 9, 12:46 PM
The OBBBA provides a $12,000 senior tax deduction for married couples if both individuals are at least 65 years old.
Details: $12,000; married couples; both at least 65
finance.yahoo.comUnrated · Jul 9, 12:46 PM
The new senior tax deduction phases out at a rate of 6% for every $1,000 in Modified Adjusted Gross Income (MAGI) exceeding $75,000 for single filers and $150,000 for married joint filers.
Details: 6% phase-out rate; $75,000 single; $150,000 married
finance.yahoo.comUnrated · Jul 9, 12:46 PM
The senior tax deduction disappears at $150,000 MAGI for single filers and $250,000 for married joint filers.
Details: $150,000 single; $250,000 married