HR 559 · 119th CongressIn Committeecongress.gov ↗
What this bill does
AI plain-language summaryThis bill creates a new tax deduction for people who are 65 or older. Single filers can deduct up to $25,000 from their income, while married couples filing together and surviving spouses can deduct up to $50,000. The deduction starts to get smaller for single people making more than $100,000 per year or married couples making more than $200,000 per year. This deduction would be available through 2029.
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