Retirees just got a potential boost. President Trump’s 2026 tax proposal would give Americans 65 and older a $6,000 tax deduction, doubling to $12,000 for qualifying married couples. Supporters say the plan offers long-overdue relief as seniors face inflation, rising medical costs, and shrinking retirement savings.
For many retirees, the extra deduction could help cover prescriptions, groceries, or housing expenses, offering both financial and symbolic recognition after decades in the workforce.
Critics, however, warn the plan could worsen the federal deficit and spark tough tradeoffs that may affect Social Security and Medicare. As lawmakers prepare for a fierce budget battle, millions of seniors are left wondering whether this promised tax break will survive Congress—or fade into another election-year headline.
