“The Great and Beautiful Bill” of Trump to include “large” relief for the elderly: senior legislators

Exclusive: The supreme tax author in the House of Representatives is the president Donald Trump “Big and Beautiful Bill” will also be for American taxpayers – including the elderly.

House & Means, Chairman of the Jason Smith Committee, R-MO, and other Republicans in the committee spent months negotiating closed doors on how to enact Trump’s tax policies.

Among this is an additional discount of $ 4,000 for Americans between the ages of 65 years or older. The elderly of less than 75,000 dollars will be individual employees, and less than 150,000 dollars as joint employees, qualified for full discount, which will then start gradually eliminating.

“Therefore, this is in addition to their guaranteed discount, and this is for each person. Anyone has a total profit of $ 75,000 a year or less will be completely completely, so all the elderly people with low and medium income on income on social security will pay zero in the long run,” Smith News Fox Digit told, while others add, “most of them pay a lot.”

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Republicans use the budget settlement process, which reduces the Senate threshold from 60 votes to 51 votes for some financial legislation, to pay a broad bill full of Trump’s priorities on taxes, immigration, energy, defense and national debt.

Since the House of Representatives already works under a simple majority, reconciliation allows the party in power to pass overwhelming legislation with the marginalization of the other side, in this case, Democrats.

Trump has directed Republicans in Congress To expand the 2017 tax discounts and jobs (TCJA), as well as implement new policies that eliminate taxes on advice, additional work and social guarantee for retirees.

But the law that established the reconciliation process, the 1974 Congress Budget Law, specifically prohibits direct changes to social security through the process.

Smith said that the Republicans added a tax discount of $ 4,000 as a way to make them “completely completely.”

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Instead of seeing that Tax exemption However, Smith said that he would come in the annual tax declarations of people.

He said he was more useful for low -income elderly, giving additional comfort to those whose income was very low to pay social security taxes in the first place.

“Under the rules of reconciliation, you cannot touch the social security directly. What we did is to make sure they get.” We do not want to do so, it cannot be done under the rules of reconciliation, or you will not qualify to get the threshold of 51 channels in the Senate in the United States. “

“But the tax exemption they will get is an additional tax reduction, and this will be compensated for what they paid for the social security tax.”

The White House also supported Smith’s plan despite its departure from the Trump’s initial campaign.

“The draft law, which is not limited to permanent tax cuts and the greatest gain, but also achieves a historic tax break for the elderly on social security,” said White House spokeswoman Anna Kelly. “This is another promise offered to the elderly who deserve the tax exemption that is needed after four years of breathing.”

The tax deduction of $ 4,000, which will be valid from 2025 to 2028 years of taxes, will be at the top of the highest standard discount that people over 65 years old are already.

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It will not be a tax credit, which reduces the tax commitment directly regardless of tax cutting. The deduction reduces taxable income and depends on the taxpayer rate.

But for the two elderly people of $ 75,000, and the married elderly who get less than 150,000 dollars, and qualify for a $ 4,000 discount, it is possible that it will provide some comfort for millions of taxpayers across the country.

“It will be a washing of what their social security tax was,” Smith said later in the interview.