Americans are set to see meaningful tax relief starting in 2025, thanks to a sweeping new law the “One Big Beautiful Bill.” This legislation delivers real savings for retirees and working seniors alike and putting more money back in your pocket.

Here’s what AMAC members need to know about what’s in the law, how to claim these deductions, and who qualifies.

1. Higher Standard Deduction

One of the most significant changes in 2025 is the higher standard deduction, which applies to all taxpayers who don’t itemize.

• For single filers, the standard deduction increases to $15,750.
• For married couples filing jointly, it rises to $31,500.

You don’t need to do anything special to claim it — simply choose the standard deduction when you file your federal return, and the new amount will automatically apply.

2. Extra Deductions for Seniors

If you’re 65 or older by the end of 2025, you’ll also qualify for an additional senior deduction — on top of the standard one.

• Single filers 65+ get an extra $2,000.
• Married couples where both spouses are aged 65+ get $1,600 each, or $3,200 total.

Again, this is automatic. Just make sure you (or your tax preparer) indicate your age on your return.

3. Special $6,000 Deduction for Seniors with Modest Incomes

In addition to the standard and senior deductions, the new law provides a temporary $6,000 deduction specifically for Americans age 65 and older with modest incomes.

Who qualifies?

• This deduction is designed for seniors whose adjusted gross income (AGI) falls below a certain threshold.
• The exact income limits will be finalized before the 2025 tax season, but it is expected to cover a large share of middle- and lower-income retirees — especially those who rely mostly on Social Security and modest retirement savings.

How to claim it?

• Unlike the standard and senior deductions, this one may require a separate line on your tax form.
• Updated IRS forms and instructions are expected to make this clear, and AMAC will provide guidance as soon as those details are released.
• If you use tax software or a preparer, they’ll help ensure you don’t miss it.
• Other Tax-Friendly Changes

The law also includes additional ways for Americans — including seniors — to save at tax time:

• Tips and overtime pay for most Americans are now tax-deductible at the Federal level.
• Auto loan interest is deductible again.
• The cap on state and local tax (SALT) deductions jumps to $40,000 for households earning under $500,000.

These provisions are especially helpful for older adults who still work part-time, support their families, or live in states with high taxes.

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A striking pattern has emerged in the first few months of President Donald Trump’s second term: job numbers are being revised upward – a quiet but telling reversal from the trends we saw under President Joe Biden, whose administration consistently saw job numbers revised downward after initial release.

The past two months are indicative of this trend. The Bureau of Labor Statistics (BLS) initially reported 139,000 new jobs in May. That number was later bumped up to 144,000, an increase of 5,000. April’s total was also revised upward by 11,000 to 158,000. With June’s gain of 147,000 jobs, the three-month average now sits at a steady 150,000.

While these aren’t eye-popping figures, the direction of the revisions tells an important story – particularly when compared to what we saw under President Joe Biden.

In the build-up to Biden’s re-election bid, the initial jobs numbers were overstated by an astonishing amount. For 10 straight months in 2023, BLS revised its job creation estimates downward. In June 2023, for example, the government originally reported 209,000 new jobs. That figure was later cut nearly in half, to 105,000.

Overall, from March 2023 to March 2024, BLS overstated job growth by a jaw-dropping 818,000 – an average of more than 68,000 jobs per month. For context, that’s five times the agency’s typical margin of error.

That discrepancy reeks of corruption – rewriting the story after it’s already dominated the news. Those errors were only acknowledged months later, long after they had already shaped headlines and campaign speeches.

So why does this matter?

Because that first jobs number is the one that matters most. It’s the figure the corporate press runs with. It makes the headlines. It shapes public opinion. It drives market expectations and is baked into campaign messaging within hours. The BLS may quietly post a revision weeks later, but by then, the political spin cycle has moved on. Very few outlets ever update their coverage or correct the narrative.

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