Former President Donald Trump has unveiled a bold new tax proposal aimed directly at Americans aged 65 and older — a move that could significantly reshape retirement finances.
Announced as part of his 2026 tax reform plan, the measure promises substantial relief for seniors struggling with rising living costs.
Under Trump’s proposal, individuals over 65 could claim a $6,000 tax deduction, while couples in which both spouses qualify would receive up to $12,000. The plan is designed to ease financial pressure on retirees living on fixed incomes, offering a much-needed boost amid inflation and increasing healthcare expenses.
Supporters have praised the plan as a long-overdue recognition of older Americans’ contributions. “Seniors built the foundation of this country,” Trump said. “It’s time we reward their lifetime of hard work.” Many retirees welcomed the news, viewing it as a rare financial reprieve in uncertain times.
