Bill · H.R. 559· House(119-HR-559)
Seniors in the Workforce Tax Relief Act
- Introduced
- 1/20/2025
- Last activity
- 1/20/2025 — Referred to the House Committee on Ways and Means.
- Sponsored by
- Don Bacon
- Cosponsors
- None
- Introduced
- In Committee
What this bill would do
This bill, titled the "Seniors in the Workforce Tax Relief Act," aims to amend the Internal Revenue Code of 1986. It proposes to create a new above-the-line tax deduction specifically for individuals who have reached age 65 before the end of the taxable year. The deduction amount is subject to reduction based on the taxpayer's adjusted gross income. Different rules apply for joint returns, surviving spouses, or when both individuals in a joint return are over 65. This tax relief would apply to taxable years beginning after December 31, 2024. The provision is set to terminate after December 31, 2029.
Yes· 3 of 6
Would people over 65 be better off under this?+7
The bill establishes a direct tax deduction for individuals who have attained age 65.
Would retired people be better off under this?+7
The tax deduction specifically targets and benefits individuals aged 65 and older.
Would middle-income households be better off under this?+5
The deduction provides tax relief for seniors within specific income thresholds.
The opposite
Does this reduce what the federal government spends?-2
The bill reduces federal tax revenue by providing new deductions for seniors.
Who it would affect, and how
Potential Positive Impacts for People
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Tax Relief for Seniors: Individuals who have attained age 65 before the close of the taxable year can claim a deduction, which may reduce their overall tax burden (Section 2, subsection a).
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Increased Benefits for Couples: For joint returns or surviving spouses, the deduction amount is increased to $50,000, and the income threshold is increased to $200,000 (Section 2, subsection b, paragraph 1).
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Enhanced Support for Both Spouses Over 65: If both individuals on a joint return or a surviving spouse have attained age 65, the deduction amount can be as much as $50,000 (Section 2, subsection b, paragraph 2).
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Accessibility of Deduction: The deduction is allowed regardless of whether the individual itemizes other deductions (Section 2, subsection b).
Potential Negative Impacts for People
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Reduction of Deduction Based on Income: The $25,000 deduction is reduced as the taxpayer's adjusted gross income exceeds $100,000, which could result in a smaller benefit for higher-income seniors (Section 2, subsection a, paragraph 1).
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Expiration of Benefits: The deduction is not permanent and will not be allowed for taxable years beginning after December 31, 2029 (Section 2, subsection b, paragraph 3).
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 High Income Households+2
- Economy And Finance
- Reduces Middle Class Taxes+5Reduces Government Spending-2
- Social Issues And Justice
- Improves Poverty Reduction+3
- 1/20/2025
- Referred to the House Committee on Ways and Means.
- Introduced in House