Senior Citizens Tax Elimination Act

Senior Citizens Tax Elimination Act

This bill repeals the inclusion of any Social Security or tier I railroad retirement benefits in gross income for income tax purposes. The bill also (1) appropriates funds to cover reductions in transfers to the Social Security and Railroad Retirement Trust Funds resulting from the enactment of this bill, and (2) expresses the sense of Congress against using tax increases to provide revenue necessary to carry out this bill.

Bill 117 hr 6590, also known as the Senior Citizens Tax Elimination Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to eliminate federal income taxes for senior citizens who are 65 years of age or older.

If passed, this bill would provide significant tax relief for millions of elderly Americans who are living on fixed incomes. The bill aims to ease the financial burden on seniors and allow them to keep more of their hard-earned money.

The Senior Citizens Tax Elimination Act has received bipartisan support in Congress, with lawmakers from both parties recognizing the importance of providing tax relief for seniors. Proponents of the bill argue that it is a necessary step to help ensure the financial security and well-being of older Americans. Opponents of the bill, however, have raised concerns about the potential impact on government revenue and the overall tax system. They argue that eliminating taxes for seniors could lead to a decrease in funding for important government programs and services. Overall, the Senior Citizens Tax Elimination Act is a significant piece of legislation that aims to provide much-needed tax relief for elderly Americans. Its fate in Congress remains uncertain, but it has sparked an important debate about the financial well-being of seniors in the United States.