Bill 119 HR 559, also known as the Senior Tax Deduction Act, aims to amend the Internal Revenue Code of 1986 to provide a new tax deduction for seniors. This deduction would be available to individuals who are 65 years or older, allowing them to deduct a certain amount of their income from their taxes before calculating their tax liability.
The purpose of this bill is to provide financial relief to seniors who may be living on fixed incomes and facing increasing expenses in their retirement years. By establishing an above-the-line tax deduction, seniors would be able to reduce their taxable income, potentially lowering their overall tax burden.
The specifics of the deduction, such as the amount that can be deducted and any income limits for eligibility, would be determined by the Internal Revenue Service. This bill does not specify the exact details of the deduction, leaving it up to the IRS to establish the rules and regulations.
Overall, the Senior Tax Deduction Act seeks to support seniors in managing their finances and easing the financial strain that can come with aging. It is a bipartisan effort to provide targeted assistance to a vulnerable population without significantly impacting the overall tax system.