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EXCLUSIVE: The top tax-writer in the House of Representatives is arguing that President Donald Trump’s “big, beautiful bill” will be “big” for American taxpayers as well – including seniors.
House Ways & Means Committee Chairman Jason Smith, R-Mo., and other Republicans on the panel spent months negotiating behind closed doors on how to enact Trump’s tax policies.
Among those is an added $4,000 deduction for Americans aged 65 or older. Seniors with income of less than $75,000 as single filers, and less than $150,000 as joint filers, would be eligible for the full deduction, which then would begin to phase out.
“So, that’s on top of their guaranteed deduction, and that’s per person . . . anyone who has total earnings of $75,000 a year or less is going to be made completely whole, so all the low-income and middle-income seniors on Social Security will be paying zero on Social Security in the long run,” Smith told Fox News Digital, while adding of others, “most of them will be paying much less.”
ANTI-ABORTION PROVIDER MEASURE IN TRUMP’S ‘BIG, BEAUTIFUL BILL’ COULD SPARK HOUSE GOP REBELLION
President Donald Trump is pushing Republicans to pass his “big, beautiful bill” (AP Photo/Mark Schiefelbein)
Republicans are using the budget reconciliation process, which lowers the Senate’s threshold for passage from 60 votes to 51 for certain pieces of fiscal legislation, to advance a vast bill full of Trump’s priorities on taxes, immigration, energy, defense and the national debt.
Because the House already operates under a simple majority, reconciliation allows the party in power to pass sweeping legislation while sidelining the other side, in this case, Democrats.
Trump has directed congressional Republicans to permanently extend his 2017 Tax Cuts and Jobs Act (TCJA), as well as implement new policies eliminating taxes on tips, overtime pay and retirees’ Social Security.
But the law that established the reconciliation process, the Congressional Budget Act of 1974, also…
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