While the "One Big Beautiful Bill" signed into law by President Trump on July 4 didn't eliminate taxes on Social Security benefits (a promise Trump made on the campaign trail), it did provide a ...

Many taxpayers do not see the full benefit of new tax deductions for seniors, tips, overtime, and car loan interest due to tough income phaseouts.

The deduction is designed to help seniors reduce their taxes through 2028. The lowest-income seniors are unlikely to benefit from the deduction. Experts worry about the impact the tax break will have ...