Understanding the Senior Bonus in Trump's Bill

What is the main promise associated with Trump's 'senior bonus'?

• A new deduction of up to $6,000 per person

• Increased Social Security benefits

• Complete elimination of taxes on Social Security

• Permanent tax relief for all seniors

Who is eligible for the $6,000 deduction under the Senate version of the bill?

• Only married couples

• Anyone over 60

• All Social Security recipients

• Seniors over 65 meeting income requirements

What is a key reason why many seniors won't benefit from the deduction?

• It requires a high income

• They already pay no federal income tax

• It only applies to those under 65

• The deduction is too small

What was Trump's initial promise regarding Social Security taxes?

• To reduce them by half

• To eliminate them completely

• To increase them

• To make them permanent

Why is a complete removal of Social Security taxes not feasible?

• It is against the law

• It would deplete the trust fund faster

• It would benefit too many people

• It would increase government revenue

What is the estimated cost of making the deduction permanent?

• $1 trillion over a decade

• $500 billion over a decade

• $250 billion over a decade

• $100 billion over a decade

What is the 'bird rule' in the context of the bill?

• A rule that allows direct changes to Social Security

• A rule that simplifies tax deductions

• A rule that prevents direct changes to Social Security benefits

• A rule that mandates tax increases

What percentage of seniors are estimated to owe zero in Social Security taxes under the bill?

• 50%

• 100%

• 88%

• 70%

What should seniors do to understand if they qualify for the deduction?

• Wait for a government notification

• Assume they qualify if they are over 60

• Consult a tax adviser and check income thresholds

• Ignore the deduction as it is not beneficial

What is a major limitation of the deduction in terms of long-term Social Security issues?

• It increases benefits significantly

• It addresses cost of living adjustments

• It is a temporary patch, not a long-term solution

• It completely solves the trust fund depletion issue