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Former President Donald Trump has announced a new tax proposal aimed at Americans aged 65 and older, promising significant financial relief for retirees. The plan introduces a $6,000 tax deduction for individuals and $12,000 for couples where both spouses are over 65, set to take effect in 2026. Framed as part of a broader tax reform effort, the move seeks to ease the burden of inflation and rising living costs on seniors living on fixed incomes.
Supporters hail it as long-overdue recognition of older Americans’ contributions, while critics question its long-term fiscal impact and see political motivations behind the timing. The proposal still requires Congressional approval, leaving room for potential adjustments. Nonetheless, it has sparked widespread discussion among retirees and economists alike.
If enacted, Trump’s plan could deliver meaningful savings for millions of seniors—potentially reshaping retirement finances and signaling renewed political focus on America’s aging population.
