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A GOP-backed proposal could raise the standard deduction by $4,000 for seniors 65 and older — potentially lowering their taxable income if passed.
A proposed bill would give seniors 65 and older an extra $4,000 standard deduction on their federal taxes, starting in 2025, according to reporting by MarketWatch. This so-called “senior bonus” aims to ease financial pressures on retirees, especially those with moderate incomes. Kiplinger reports that the deduction would apply to both standard and itemized filers and would phase out for…
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