(NEXSTAR) — Within the almost 900 pages of the “megabill” President Donald Trump signed last week are provisions that will impact parents and guardians, those with student loans, and over 200 people dubbed American heroes.
But there’s another sizeable group of Americans who can expect to see changes due to Trump’s bill: seniors.
One of the biggest benefits for those who are 65 or older is the $6,000 tax deduction, which runs through 2028. The maximum deduction applies to seniors making up to $75,000 individually or $150,000 for those filing jointly. The higher the income, the lower the deduction, until it is phased out for those earning $175,000 individiually or $250,000 jointly.
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As The Hill previously reported, estimates from President Trump’s Council of Economic Advisers say the deduction could erase the Social Security tax burden for 88 percent of seniors. Currently, 64 percent are exempt from Social Security taxes.
The bill includes other provisions that may impact you.
That includes food assistance, where adults are now required to work until 64 to qualify for SNAP. The exception is a parent with children younger than 14 years old.
There’s also the historic cuts to Medicaid and new work requirements for the program. The latter, the first of their kind, applies to adults under the age of 65. The bill also requires those with an income above the poverty line — $15,650 for a single person, $21,150 or a two-person household — to cover co-pays out-of-pocket on services like lab tests and doctor visits. States can charge up to 5 percent of a person’s income annually, The Hill previously reported.
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Funding changes to Medicaid are scheduled to take effect in 2028 while work requirements are expected before then end of 2026.
Before Trump signed the bill on July 4, the Congressional Budget Office estimated that 11.8 million more Americans would become uninsured by 2034 if the bill became law and 3 million more would not qualify for SNAP benefits.
The Associated Press contributed to this report.
