Bill > HR559

This bill introduces a new tax deduction specifically for seniors aged 65 and older, allowing them to deduct up to $25,000 from their taxable income, with the deduction amount gradually reducing for individuals with adjusted gross incomes over $100,000. For joint returns or surviving spouses, the threshold increases to $200,000, with additional provisions for couples where both individuals are over 65, potentially allowing a deduction of up to $50,000. The deduction will be available "above-the-line," meaning taxpayers can claim it regardless of whether they itemize other deductions, and it will be in effect for tax years from 2025 through 2029. This tax relief aims to provide financial support for seniors who continue working in their later years, recognizing the potential financial challenges they may face by offering a direct reduction in their tax liability. The bill modifies the Internal Revenue Code to create this new section (Section 224) specifically dedicated to senior workforce tax relief, with the deduction amount phasing out progressively based on income to ensure it primarily benefits middle-income seniors.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/559/all-info