“ Big and Beautiful Bill '' from Trump to include the “big” relief for the elderly: the best legislator

EXCLUSIVE: The best tax editor in the House of Representatives argues that “Big and Beautiful Bill” by President Donald Trump will also be “large” for American taxpayers – including the elderly.

The chairman of the House Ways & Means committee, Jason Smith, R-MO., And other Panel Republicans have spent months negotiating in camera on how to promulgate Trump's tax policies.

Among these is an additional deduction of $ 4,000 for Americans aged 65 or over. The elderly with an income of less than $ 75,000 as unique declarants and less than $ 150,000 as joint declarants, would be eligible for the full deduction, which would then begin to eliminate.

“So, it is in addition to their guaranteed deduction, and it is per person … Anyone who has a total profit of $ 75,000 per year or less will be made entirely whole, so all the low -income and average social security seniors will not pay on long -term social security”.

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Republicans use the budgetary reconciliation process, which reduces the Senate threshold for the adoption of 60 votes to 51 for certain elements of tax legislation, in order to advance a major bill in Trump priorities on taxes, immigration, energy, defense and national debt.

Because the Chamber already operates under a simple majority, reconciliation allows the party in power to pass radical legislation while putting the touch on the other side, in this case, the Democrats.

Trump ordered the Republicans of Congress to permanently extend his law on tax reductions and 2017 jobs (TCJA), as well as implement new policies eliminating taxes on advice, overtime and social security for retirees.

But the law that established the reconciliation process, the 1974 Congressional Budget Act, also specifically prohibited direct changes in social security via the process.

Smith said the Republicans added a tax deduction of $ 4,000 as a means of making them “completely whole”.

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The chairman of the House Ways & Means committee, Jason Smith, R-MO., Helps to draw up the tax portion of the bill. (Tom Williams)

Rather than seeing this tax relief from month to month, Smith said it would come in people's annual income declarations.

He argued that it was also more advantageous for low -income elderly, granting additional relief to those whose income was too low to pay taxes on Social Security in the first place.

“Under the rules of reconciliation, you cannot directly affect social security. What we have done is to make sure they get … a tax relief for any senior which earns less than $ 75,000 per year,” said Smith. “It is not that we did not want to do it, it is that it cannot be done under reconciliation rules, or you would not be eligible for the voting threshold at 51 in the American Senate.”

“But the tax relief they will receive is a drop in additional tax, and this will compensate for what they paid in matters of social security tax.”

The White House also approved Smith's plan despite his departure from Trump's initial campaign.

“The only one, large and beautiful bill, not only issues permanent tax reductions and greater pay checks, but it ensures historic tax relief for the elderly on Social Security,” said the White House spokesperson Anna Kelly. “This is another promise made, promised has held our elderly people who deserve essential tax relief after four years of suffering under Bidenflation.”

The tax deduction of $ 4,000, which is said to be in effect in the taxation years from 2025 to 2028, is in addition to the standard deduction higher than people over the age of 65 are already receiving.

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It would not be a tax credit, directly reducing tax responsibility, regardless of tax tranches. A deduction reduces taxable income and depends on the taxpayer rate.

But for singles of the elderly at $ 75,000 and married the elderly earning less than $ 150,000, qualifying for the deduction of $ 4,000, it would probably bring a certain relief to millions of taxpayers across the country.

“It will be a washing of what their social security tax would have been,” said Smith, adding later in the interview: “Failure is not an option. We are going to do it.”