Seniors in the Workforce Tax Relief Act

HR 559, the "Seniors in the Workforce Tax Relief Act," creates a new tax deduction for individuals aged 65 or older. It allows a $25,000 deduction for seniors, reduced for higher earners (phased out when income exceeds $100,000), with higher thresholds for joint returns or surviving spouses. The deduction applies to taxable years beginning after December 31, 2024, and expires after December 31, 2029. This directly affects senior taxpayers by lowering their taxable income, with specific rules for married couples filing jointly.