Former President Donald Trump has announced a sweeping new proposal aimed squarely at older Americans, introducing what he calls one of the most significant senior tax breaks in decades. The plan, revealed as part of his broader 2026 tax reform package, would allow individuals aged 65 and older to claim a $6,000 annual tax deduction — or $12,000 for couples where both spouses qualify.
For millions of retirees living on fixed incomes, this could mean thousands in savings at a time when every dollar counts. With inflation driving up the cost of essentials like groceries, housing, and healthcare, many older Americans have been struggling to make their retirement savings stretch far enough. Trump’s plan, his team says, is designed to give them “financial breathing room” and reward a generation that “built the backbone of the nation.”
