(STATEN ISLAND, NY) — As tax filing season kicks off today, Congresswoman Nicole Malliotakis is highlighting key provisions of the Working Families Tax Cut that deliver historic tax relief for working Americans, middle-class families, senior citizens, and tipped and overtime workers as New Yorkers begin to file their taxes. “As tax season begins, I want to remind working Americans, middle-class families, and senior citizens that they have more tax deductions and credits to take advantage of when they file their returns this year. From the $40,000 SALT deduction to the bonus senior deduction that will refund the taxes most seniors paid on their Social Security benefits to the expanded Child Tax Credit and new baby savings account, Americans will keep more money in their pockets instead of Uncle Sam’s," said Congresswoman Nicole Malliotakis. "I want to thank President Trump and Congresswoman Malliotakis for delivering real financial relief to New Yorkers. While Kathy Hochul is hell-bent on denying relief at the state level, it is clear that costs like gas are finally coming down. Thanks to the passage of the ONE BIG BEAUTIFUL BILL, Americans are on the road to a new golden age," said Assemblyman Sam Pirozzolo. “I thank Congresswoman Nicole Malliotakis for her continued leadership in fighting to put more money back in the pockets of hardworking families, seniors, and small business owners across Staten Island and South Brooklyn. As tax season begins, these commonsense tax relief measures, including relief for tipped and overtime workers, a significantly expanded SALT deduction, no tax on Social Security, and stronger 529 savings options, will make a tangible difference for local households struggling with the high cost of living. While New York Democrats have repeatedly failed to deliver meaningful tax relief for our communities, Congresswoman Malliotakis has remained focused on results, ensuring that working families and retirees can keep more of what they earn and better plan for their futures,” said Assemblyman Michael Tannousis. “Returning money to the people through tax cuts is a common sense policy, and Congresswoman Malliotakis has been truly leading the way on this effort. Her critical work in D.C. has saved money for the homeowners in Staten Island and Brooklyn that need it most. Property owners in one of the most expensive cities in the world are fortunate to have a warrior in Nicole to defend against a government increasingly intent on taxing them out their homes," said NYC Council Minority Leader David Carr. “Thanks to President Trump and Congresswoman Malliotakis, working families and seniors will keep more of their own money this year. Tax relief for overtime workers, stronger SALT deductions, no tax on Social Security, and new savings tools for young families are a win for Staten Island,” said Council Member Frank Morano. |
New Changes to the Tax Code Increased State and Local Tax (SALT) Deduction: The State and Local Tax (SALT) deduction has been quadrupled to $40,000 for individuals and families earning less than $500,000, covering 98% of households in NY-11 and allowing for increased deductions for local income and property taxes.
No Tax on Social Security for Seniors: A new bonus deduction was created for seniors aged 65 and older—$6,000 for individuals with income up to $75,000 and $12,000 for married couples earning up to $150,000, eliminating their tax burden on Social Security benefits. The amount of the deduction decreases as income increases. As a result, 51 million seniors receiving Social Security (an estimated 88%) will pay no tax on those benefits.
Increased Standard Deduction The Standard Deduction increases to $15,750 for individuals, $23,625 for heads of households, and $31,500 for married couples for tax year 2025.
No Tax on Tips Tipped workers, will receive significant tax relief. The maximum annual deduction is $25,000, which phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
No Tax on Overtime Pay Individuals who receive qualified overtime pay may deduct the pay that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) that is required by the Fair Labor Standards Act and reported on a Form W-2, Form 1099, or other specified statement furnished to the individual. The maximum annual deduction is $12,500 ($25,000 for joint filers). The deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers). The deduction is available for both itemizing and non-itemizing taxpayers.
Putting Working Families First The Child Tax Credit increased up to $2,200 per child, if your annual income is not more than $200,000 ($400,000 if filing a joint return). Trump Accounts were also created for newborn babies and feature a contribution of $1,000 for every American child born between January 1, 2025 and December 31, 2028. The account is fully in the child’s name, and the parent/guardian is the sole custodian until the child turns 18. No contributions are necessary—but you can deposit up to $5,000 per year to maximize growth. The legislation expands 529 education savings accounts, supports scholarships and school choice.
Tax Deduction for American Manufactured Vehicles Individuals may deduct up to a maximum annual deduction of $10,000 in interest paid on a loan used to purchase a qualified American manufactured vehicle for personal use. The deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers). The vehicle must have undergone final assembly in the United States and the loan must have originated after December 31, 2024.
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