Trump’s new standard deduction for 65+ Americans will benefit the rich — unless you prepare yourself now
Key takeaways
- With a multibillionaire in the Oval Office, there’s rarely been a better time to be rich in America.
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s how to fix it ASAP
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill.
Trump’s new standard deduction for 65+ Americans will benefit the rich — unless you prepare yourself now Andrew Harnik/ Getty Images Vishesh Raisinghani Mon, June 22, 2026 at 10:15 PM GMT+7 5 min read Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
With a multibillionaire in the Oval Office, there’s rarely been a better time to be rich in America. Nearly halfway into his second term, President Donald Trump’s signature policy accomplishment has been the One Big Beautiful Bill Act (OBBBA), a sweeping reform of the country’s tax code.
Perhaps one of the most noteworthy aspects of this new tax law is the creation of a new additional standard deduction for older Americans (1), which already comes on top of the extra standard deduction older Americans already receive.