How Trump's Social Security Tax Rules Favor High Income Seniors — And What It Means for Everyone Else President Donald Trump's signature policy accomplishments have been widely debated, but one provision slipped into the One Big Beautiful Bill Act (OBBBA) has received little attention: a new additional standard deduction for older Americans that benefits high income seniors.
This tax break is set to deliver windfalls to the wealthy while placing an added strain on Social Security's already precarious solvency.
The law grants an extra $6,000 deduction to anyone 65 or older, phasing out above $75,000 in modified adjusted gross income.