The Senate Just Passed Trump's "Big, Beautiful Bill." Some Seniors Might Get a $6,000 Tax Deduction

After several months of negotiating and some political theatrics along the way, the U.S. Senate recently passed President Donald Trump's "Big, Beautiful Bill," a sprawling piece of budget reconciliation legislation that includes trillions in tax cuts and funds to beef up border security, along with many other smaller provisions like the elimination of electric vehicle tax credits. The bill is likely to go down as one of Trump's major legislative achievements.Since taking office, Trump has promised to scrap taxes on Social Security benefits to give retirees more purchasing power. The final version of the "Big, Beautiful Bill" isn't directly fulfilling this promise. However, it could still come with a very nice temporary tax break for those 65 or older -- as much as a $6,000 deduction for some. Let's take a look.The Senate passed the "Big, Beautiful Bill" by a single vote. However, before it can make its way to Trump's desk and officially into law, the bill will go back to the U.S. House of Representatives, which will look through and attempt to approve the Senate's changes.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool