Ending Federal Taxation of Social Security Benefits for Seniors
This bill repeals the federal income tax on Social Security benefits, directly increasing the disposable income of retirees and beneficiaries. To ensure the stability of the Social Security Trust Funds, the Treasury will appropriate funds to cover any revenue loss resulting from this tax repeal. The intent is to achieve this without raising other taxes.
Key points
Eliminates federal income tax on all Social Security benefits, resulting in higher net income for recipients.
Social Security and Railroad Retirement Trust Funds are protected; the Treasury will compensate for any lost revenue due to the tax repeal.
Congress expresses the intent that no tax increases will be used to fund the compensation for the Trust Funds.
Expired
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