President Donald Trump has unveiled a new federal tax deduction designed to support seniors aged 65 and older, aiming to ease financial pressures on retirees. Starting with the 2026 tax year, eligible individuals can deduct $6,000, while married couples where both are 65 or older can claim $12,000, reducing taxable income and potentially increasing refunds.

Why It Matters

With inflation and healthcare costs rising, many seniors struggle on fixed incomes. Trump stated,

“America’s seniors built this country — it’s time we give back to them.”
The deduction could free funds for essentials like medications, utilities, and groceries.

Eligibility and Preparation

Seniors must be 65+ by year-end and file federal taxes to claim the deduction. It will complement Social Security, Medicare, and other benefits. Seniors are encouraged to review finances, organize records, and consult tax professionals.

Looking Ahead

Congress must approve the legislation before it becomes law. Once enacted, IRS guidance will clarify filing procedures. This proposal offers meaningful relief, signaling recognition and support for older Americans.