Proposed Bills May Reduce Taxes for Seniors
Millions of retirees could see their tax bill reduced if one or both proposed federal bills are passed. The Bonus Tax Relief for America's Seniors Act and Tax Relief Unleashed for Seniors by Trump (TRUST) Act are on the table.
Seniors have been hit hard by the turbulent economy and any relief is welcome. But how will these two bills benefit retirees, and what will it take to pass them?
Bonus Tax Relief for America's Seniors Act
Although President Donald Trump campaigned on the elimination of taxes on Social Security benefits, the Bonus Tax Relief for America's Seniors Act (
Proposed by lawmakers Reps. Nicole Malliotakis (R-N.Y.), Mike Carey (R.-Ohio), and Jimmy Panetta (D-Calif.), it's bipartisan legislation that would increase the additional standard deduction that Americans 65 and over enjoy.
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USA Today
17 minutes ago
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Few thought airstrikes could ‘obliterate' Iran's nuclear program. Then Trump said they did.
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D-Wave's Advantage2 Gains Traction: More Upside Ahead for QBTS Stock?
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Yahoo
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At least 34 killed in Israeli strikes in Gaza as ceasefire prospects inch closer
At least 34 people were killed across Gaza by Israeli strikes, health staff say, as Palestinians face a growing humanitarian crisis in Gaza and ceasefire prospects inch closer. The strikes began late on Friday and continued into Saturday morning, among others killing 12 people at the Palestine Stadium in Gaza City, which was sheltering displaced people, and eight more living in apartments, according to staff at Shifa hospital where the bodies were brought. Six others were killed in southern Gaza when a strike hit their tent in Muwasi, according to the hospital. The strikes come as US President Donald Trump said there could be a ceasefire agreement within the next week. Taking questions from reporters in the Oval Office on Friday, the president said: 'We're working on Gaza and trying to get it taken care of.' An official with knowledge of the situation told The Associated Press that Israel's minister for strategic affairs, Ron Dermer, will arrive in Washington next week for talks on Gaza's ceasefire, Iran and other subjects. The official spoke on condition of anonymity because they were not authorised to speak to the media. Talks have been on and since Israel broke the latest ceasefire in March, continuing its military campaign in Gaza and furthering the dire humanitarian crisis. Some 50 hostages remain in Gaza, fewer than half of them believed to be still alive. They were among some 250 hostages taken when Hamas attacked Israel on October 7 2023, sparking the 21-month-long war. The war has killed more than 56,000 Palestinians, according to Gaza's Health Ministry, which does not distinguish between civilians and combatants. It says more than half of the dead were women and children. There is hope among hostage families that Mr Trump's involvement in securing the recent ceasefire between Israel and Iran might exert more pressure for a deal in Gaza. Israeli Prime Minister Benjamin Netanyahu is riding a wave of public support for the Iran war and its achievements, and he could feel he has more space to move toward ending the war in Gaza, something his far-right governing partners oppose. Hamas has repeatedly said it is prepared to free all the hostages in exchange for an end to the war in Gaza. Mr Netanyahu says he will end the war only once Hamas is disarmed and exiled, something the group has rejected. Meanwhile, hungry Palestinians are enduring a catastrophic situation in Gaza. After blocking all food for more than two months, Israel has allowed only a trickle of supplies into the territory since mid-May. Efforts by the United Nations to distribute the food have been plagued by armed gangs looting trucks and by crowds of desperate people offloading supplies from convoys. Palestinians have also been shot and wounded while on their way to get food at newly formed aid sites, run by the American and Israeli-backed Gaza Humanitarian Foundation, according to Gaza's health officials and witnesses. Palestinian witnesses say Israeli troops have opened fire at crowds on the roads heading toward the sites. Israel's military said it was investigating incidents in which civilians had been harmed while approaching the sites.
