Understanding Tax Relief for Seniors

What is the main purpose of the new tax bills introduced for seniors?

• To increase government revenue

• To provide financial relief by increasing deductions and lowering taxable Social Security benefits

• To reduce the retirement age

• To eliminate taxes on all income for seniors

How much would the deduction increase for single filers under the new proposal?

• $10,000

• $5,000

• $3,100

• $1,950

What is the proposed new income threshold for single filers before Social Security benefits are taxed?

• $32,000

• $50,000

• $64,000

• $225,000

What is a potential downside of the proposed tax cuts for seniors?

• Increased government spending

• Reduced government revenue leading to spending cuts or increased national debt

• Higher taxes for younger generations

• Decreased Social Security benefits

How much extra money could a married couple making $85,000 a year save annually with the proposed changes?

• $1,000

• $2,100

• $5,000

• $3,500