No Tax on Social Security Benefits
This bill aims to eliminate income tax on Social Security benefits, meaning retirees and other recipients will no longer pay federal income tax on these payments. The law also ensures that Social Security trust funds will not lose money due to this change, as any shortfall will be covered by the U.S. Treasury.
Key points
Individuals receiving Social Security benefits will no longer pay federal income tax on them.
The change applies to tax years beginning after the law's enactment.
Social Security and Railroad Retirement trust funds will be compensated for lost tax revenue to maintain their financial stability.
Status:
Introduced
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