Repealing Federal Income Tax on Social Security Benefits
This bill eliminates the federal income tax on Social Security benefits and Railroad Retirement benefits. This change means retirees and beneficiaries will keep more of their monthly payments, as these benefits will no longer be counted as taxable income. Crucially, the legislation ensures that Social Security Trust Funds are protected, with the Treasury covering any lost revenue resulting from the tax repeal.
Key points
Social Security benefits will no longer be subject to federal income tax.
This change increases the disposable income for millions of retirees and beneficiaries.
Social Security Trust Funds are financially protected, with the Treasury replacing any lost tax revenue.
Expired
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