This text would remove Social Security benefits from taxable income. It amends the Internal Revenue Code to stop including Social Security benefits in a person’s gross income for taxable years beginning after the law takes effect. It also directs the Treasury to appropriate, for each fiscal year, amounts to each Social Security Act fund (including the Federal Hospital Insurance Trust Fund) and to funds under the Railroad Retirement Act equal to the reduction in transfers caused by this change.
If you get Social Security benefits, those benefits would no longer be counted in your adjusted gross income for federal income tax for taxable years that begin after the measure takes effect. That means recipients would not include Social Security payments when calculating gross income. The bill text does not give examples or individual eligibility details.
The text appropriates money from the Treasury each fiscal year to each Social Security Act fund and each Railroad Retirement Act fund equal to the reduction in transfers to those funds caused by ending the inclusion of benefits in gross income. No publicly available information on total dollar amounts or fiscal estimates is included in the text.
No publicly available information.
No publicly available information.