Americans over 65 will see a new temporary tax break under the federal budget signed into law on July 4, which also extends several tax cuts first introduced in 2017. The bill does not, as an email from the Social Security Administration claimed, eliminate taxes on Social Security for 90% of all older Americans. Rather, it includes a temporary tax deduction for adults 65 and older to be in place for tax years 2025 through 2028. Those eligible will receive the full deduction if their modified adjusted gross income is up to $75,000 for a single filer or $150,000 for those married and filing joint taxes. CNBC reported that for taxpayers who are above the thresholds, the deduction would phase out at a 6% rate. The Tax Foundation reported that the deduction would be phased out for single filers making $175,000 and joint filers up to $250,000.