(Daily Signal) The Tax Cuts and Jobs Act will mean tax cuts for most Americans. Nevertheless, change—even good change—can bring about uncertainty.
Retirees may be the most concerned about what the new tax legislation will mean for them, as most rely on relatively fixed incomes.
But in fact, the Tax Cuts and Jobs Act is mostly good news for retirees. For the most part, they will be less affected than other Americans, as the changes do not affect the way Social Security and investment income are taxed.
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Many retirees will in fact benefit from the tax bill’s doubling the size of the standard deduction.