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 118 HR 3206, 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.

Under the provisions of this bill, senior citizens would no longer be required to pay federal income taxes on their Social Security benefits, as well as any other retirement income they may receive. This would provide significant financial relief for many older Americans who are living on fixed incomes and struggling to make ends meet.

In addition to eliminating federal income taxes for senior citizens, the bill also includes provisions to simplify the tax filing process for older Americans. This would make it easier for seniors to navigate the complex tax system and ensure that they are able to take full advantage of any tax breaks or credits that they may be eligible for. Overall, the Senior Citizens Tax Elimination Act aims to provide much-needed financial relief for older Americans and simplify the tax filing process for seniors. It is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.