H.R. 1130, known as the "Bonus Tax Relief for America’s Seniors Act," seeks to amend the Internal Revenue Code to increase the additional standard deduction for seniors from $600 to $5,000. This change aims to provide tax relief for senior citizens by allowing them to deduct more from their...
Simple Explanation
H.R. 1130 is a bill that wants to give older people, those who are seniors, a bigger tax break by letting them subtract a bigger amount of money from their income, which means they might pay less in taxes. This bigger amount is planned to go up with the cost of living starting in 2027, so it stays helpful as things get more expensive.