Why the new $6,000 senior tax deduction is causing fear and panic for retirees in 2026

The Income Phaseout Trap That Nobody Warned You About The deduction is gradually reduced by 6 cents for every dollar over $75,000 for single filers and $150,000 for joint filers, which means many retirees are discovering they don't qualify for the full amount they expected. Picture this: you're a single retiree with a modified adjusted gross income of roughly eighty grand thinking you've hit the jackpot, only to find your deduction shrinks to...