On Wednesday, the U.S. Department of the Treasury held a roundtable discussion with senior AMAC leaders and AMAC members to highlight key provisions passed as part of President Donald Trump’s Working Families Tax Cuts, which benefit older Americans. The discussion was held as part of the administration’s efforts surrounding Financial Literacy Week,
The event brought together Treasury officials and AMAC seniors for a conversation focused on how the legislation, also known as the “One Big Beautiful Bill,” delivers meaningful relief and opportunity for middle-class retirees and small business owners. The roundtable emphasized the importance of protecting seniors from financial scams, with Treasury experts providing guidance on prevention and awareness.
“Grateful to @AMACforAmerica for joining us here at @USTreasury for a roundtable on financial literacy,” Secretary Scott Bessent, who was present at the discussion, wrote on X. “We discussed the importance of equipping Americans across all stages of life with the tools to make informed financial decisions and protect themselves from fraud and exploitation.”
“In coordination with the @IRSnews and thanks to @POTUS and Republicans’
@TaxCuts, increased education and fraud and scam detection efforts are ensuring tax relief reaches the right hands this filing season, delivering historic relief to over 34 million seniors and stopping abusive tax schemes that target older taxpayers,” Bessent added.
Bessent delivered opening remarks underscoring the administration’s commitment to supporting seniors through targeted tax relief and enhanced financial security.
Among the key provisions discussed were:
- An enhanced standard deduction for middle-class seniors, helping reduce tax burdens in retirement
- The 20 percent small business deduction, supporting senior entrepreneurs and family-run businesses
- Estate tax (death tax) relief to help preserve generational wealth
- The creation of “Trump Accounts,” designed to expand savings opportunities for Americans, an initiative that was a top priority of late AMAC founder Dan Weber
In addition to discussing these policy wins, Treasury officials presented on the growing threat of financial scams targeting seniors and outlined practical steps individuals can take to safeguard their finances.
“I enjoyed hosting members of the Association of Mature American Citizens for a meaningful discussion on the importance of financial education as part of Financial Literacy Month,” said Bessent. “Understanding how to make informed financial decisions unlocks opportunity for every American and their families and helps protect against from fraud and exploitation. In coordination with the IRS and thanks to President Trump and Republicans’ Working Families Tax Cuts, increased education and fraud and scam detection efforts are ensuring tax relief reaches the right hands this filing season, delivering historic relief to over 34 million seniors and stopping abusive tax schemes that target older taxpayers.”
“The Treasury roundtable with Secretary Bessent was an opportunity for AMAC to help ensure that seniors’ voices are heard and their priorities remain front and center in our nation’s economic policies,” said Rebecca Weber, CEO of AMAC. “From meaningful tax relief to protecting older Americans from increasingly sophisticated financial scams, this discussion highlights real solutions that strengthen retirement security and empower seniors to make informed financial decisions. We’re proud to work alongside the U.S. Department of the Treasury to advance policies that support and protect America’s seniors.”
The event reflects AMAC’s continued commitment to ensuring that members’ voices are heard on Capitol Hill, in the White House, and throughout federal, state, and local government offices.
Please tell Scott to work on NO taxes on seniors social security even if they are still working! We already paid taxes on our social security, didn’t we??
The Big Beautiful Bill and subsequent tax changes sadly, are , to some extent shifting sands. Another Congress can undo the good from those changes. We must go bigger and bolder. HR25 The FairTax Act can be a permanent solution.
Thank you Secretary Bessent. I am amazed that seniors have to be protected from fraudsters. I do not even answer my phone, unless I recognize the caller. If I do, answer it, I promptly hang up when its a strange or questionable caller. So glad for the tax relief. Now if we could just own our homes, and forget about real estate taxes.
I’m told my home tax is used for education in my community; sure wish I could see some evidence of “education”. as many of our children cannot read, or remember what they have read, and have no math skills.
I am a retiree who works part-time. I do receive social security and medicare. I also have social security and medicare deductions from my paychecks. On my Federal income tax I am re-taxed for that amount. I should get a tax credit for what I am paying into social security since that amount does not increase the amount I receive from social security, same with medicare.
Senior Tax-Relief ? With our 40 Trillion Dollar Deficit , our country is Bankrupt .The only thing that is supporting our country now is welfare and Deficit spending .