Bill > HR1040

This bill, known as the Senior Citizens Tax Elimination Act, proposes to eliminate the taxation of Social Security benefits for seniors by amending Section 86 of the Internal Revenue Code. Currently, some Social Security benefits are included in a recipient's gross income and are subject to federal income tax. The bill would completely remove this taxation provision for all taxable years following the bill's enactment. To ensure that the Social Security and Railroad Retirement Trust Funds are not financially harmed by this change, the bill includes a provision to appropriate funds from the U.S. Treasury to compensate for the lost tax revenue. Congress also expresses its intent that any replacement funding will not come from tax increases. This legislation aims to provide financial relief to senior citizens by preventing the federal government from taxing their Social Security benefits, potentially increasing the net income for retirees and addressing concerns about the financial strain on seniors.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1040/all-info