A new tax relief proposal could bring welcome financial breathing room to millions of seniors. The House Ways and Means Committee has proposed a tax bill that includes a significant deduction increase for those 65 and older — potentially an extra $4,

Here's how the bonus would work: Americans ages 65 and older who don't itemize their taxes would get a $4,000 bonus on top of the standard deduction, under the current proposed budget. The deduction would phase out for older people earning more than $75,000 or older couples earning more than $150,000.

A Republican-backed House bill includes a range new tax breaks, including a $4,000 deduction for seniors. Here's what to know.

TPC found that, on average, all income groups would benefit from the tax proposals. But more than two-thirds of the tax cuts would go to those making $217,000 or more.

Trump reversed former President Joe Biden's overpayment and recovery rules by implementing a 50% clawback rate on a person's monthly benefit until the overpayment is recovered in full. The president nominated Frank Bisignano to become the new SSA commissioner.

Millions of recipients could soon be entitled to the tax break, should the provision make its way into the final bill.