Bill > HR904

This bill, titled the "No Tax on Social Security," proposes to amend the Internal Revenue Code of 1986 to eliminate the taxation of Social Security benefits. Currently, a portion of Social Security benefits can be included in an individual's adjusted gross income for tax purposes, which means recipients may have to pay federal income tax on some of their Social Security income. The bill would completely repeal Section 86 of the Internal Revenue Code, effectively ensuring that Social Security benefits are no longer taxable for any year after the bill's enactment. To prevent any potential financial harm to Social Security and related trust funds that might result from the loss of tax revenue, the bill includes a provision to appropriate an equivalent amount of money from the U.S. Treasury to fully compensate these funds for the eliminated tax revenue. This means that the Social Security Trust Funds, including the Federal Hospital Insurance Trust Fund, and the Railroad Retirement Fund, would be financially "held harmless" by receiving replacement funds to offset the tax revenue loss.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/904/all-info