India, July 5 -- The Donald Trump administration on July 1 announced what it claims is the most significant tax relief package ever offered to senior citizens in the US. According to the official statement, the new 'One Big Beautiful Bill' is a boon for over 88 per cent of those seniors who receive Social Security income. With this bill, they will be provided tax relief, which means no levy will be deducted on their Social Security benefits.

Trump's Council of Economic Advisors have released a new report that elaborates on the financial nitty-gritties of the new bill. It states that the new One Big Beautiful Bill (OBBB) has delivered on Trump's promise of tax relief on Social Security income. However, the tax break can only be availed by...