Bill · H.R. 1129· House(119-HR-1129)
Tax Relief Unleashed for Seniors by Trump Act
- Introduced
- 2/7/2025
- Last activity
- 2/7/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Nicole Malliotakis
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, known as the "Tax Relief Unleashed for Seniors by Trump Act," aims to amend the Internal Revenue Code of 1986. The primary purpose is to increase the amount of Social Security benefits that are excluded from gross income. It modifies specific dollar amounts within Section 86(c) of the Code. Additionally, it introduces a new provision for inflation adjustments to these amounts. These changes are intended to take effect for taxable years beginning after December 31, 2025.
Yes· 3 of 6
Would people over 65 be better off under this?+7
The bill directly increases the after-tax income of seniors by raising the exclusion limits for Social Security benefits.
Would retired people be better off under this?+7
The bill increases the amount of Social Security income that is not subject to federal income tax.
Does this strengthen Social Security?+6
The bill increases the net value of Social Security benefits by exempting more of them from taxation.
The opposite
Does this reduce what the federal government spends?-2
By increasing tax exclusions, the bill reduces federal tax revenue.
Who it would affect, and how
Potential Positive Impacts for People
-
Increased Income Exclusion: The bill increases the dollar amounts that are excluded from gross income in Section 86(c), specifically raising amounts from $25,000 to $50,000, $32,000 to $64,000, $34,000 to $59,000, and $44,000 to $76,000 (Section 2(a)). This would allow more Social Security benefits to be exempt from being counted as gross income.
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Inflation Protection: The bill adds a provision that allows the dollar amounts in Section 86(c) to be increased based on cost-of-living adjustments for taxable years beginning after December 31, 2026 (Section 2(b)). This ensures the exclusion amounts can adjust for inflation.
Potential Negative Impacts for People
- No negative impacts are explicitly stated in the text provided.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Retirees+7Good For Seniors+7Good For Middle Class Households+5Good For Low Income Households+4
- Social Issues And Justice
- Improves Social Security+6
- Economy And Finance
- Reduces Middle Class Taxes+5Reduces Government Spending-2
- 2/7/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House