Bill · H.R. 1040· House(119-HR-1040)

Senior Citizens Tax Elimination Act

Age: 55 years

Kentucky

Introduced: 2/6/2025
Last activity: 2/6/2025 — Referred to the House Committee on Ways and Means.
Sponsored by: Thomas Massie
Cosponsors: - 34 - 0

Taxation

Introduced
In Committee

What this bill would do

This bill, titled the "Senior Citizens Tax Elimination Act," aims to amend the Internal Revenue Code of 1986. The primary goal is to repeal the inclusion of Social Security benefits in gross income. It instructs that Section 86 of the Internal Revenue Code of 1986 shall no longer apply to taxable years after its enactment. To ensure the Social Security and Railroad Retirement funds are not depleted by this change, the bill mandates specific appropriations from the Treasury. These appropriations are intended to match the reduction in transfers caused by the repeal.

Yes· 3 of 6

Would people over 65 be better off under this?+7
The bill provides direct tax relief by preventing Social Security benefits from being counted as taxable income.
Would retired people be better off under this?+7
The bill provides direct financial relief to retirees by excluding Social Security benefits from taxable income.
Would middle-income households be better off under this?+5
The repeal of the inclusion of benefits in gross income provides significant tax relief for middle-income households.

The opposite

Does this reduce what the federal government spends?-2
The bill requires new appropriations from the Treasury to offset the reduction in Social Security transfers.