Trump’s new standard deduction for 65+ Americans will benefit the rich — unless you prepare yourself now Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
With a multibillionaire in the Oval Office, there’s rarely been a better time to be rich in America
Nearly halfway into his second term, President Donald Trump’s signature policy accomplishment has been the One Big Beautiful Bill Act (OBBBA), a sweeping reform of the country’s tax code. Perhaps one of the most noteworthy aspects of this new tax law is the creation of a new additional standard deduction for older Americans (1), which already comes on top of the extra standard deduction older Americans already receive. Top Picks – Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP – JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill.
Get your free guide from Priority Gold – The ultra-rich use these 5 real estate strategies to build wealth while they sleep — you can start with just $100 Starting in 2025 and running through 2028, anyone 65 or older can claim an additional $6,000 deduction. The amount is also counted per eligible individual, so two qualifying spouses can claim $12,000 combined. The deduction phases out above $75,000 in modified adjusted gross income, or $150,000 for couples filing jointly.