This bill would give many older adults a new tax break. People who are 65 or older by the end of the tax year could subtract a set amount from their income before taxes are calculated, which lowers their tax bill. This deduction would be available through 2029.

• Who is affected: People age 65+ (including joint filers and surviving spouses)
• What changes: A new “above-the-line” deduction taken before adjusted gross income is figured—$25,000 for single filers, $50,000 for joint filers/surviving spouses. It starts to phase out if adjusted gross income is over $100,000 (single) or $200,000 (joint/surviving spouse)
• When: Applies through 2029

In short, this plan aims to cut taxes for many seniors who keep working by letting them reduce their taxable income first. The bill is called the “Seniors in the Workforce Tax Relief Act”.