The bill, H.R. 9465, aims to amend the Internal Revenue Code of 1986 to create a new tax deduction for seniors. Seniors aged 65 or older can claim a deduction of up to $25,000, which decreases if their adjusted gross income exceeds $100,000. For joint returns or surviving spouses, the limits...
Simple Explanation
The bill aims to help people aged 65 or older by letting them save money on taxes if they make less than a certain amount each year, but it's a bit tricky, and the rules stop after a few years.