RETIREES FIRST Act

Bill 119 HR 2266, also known as the Social Security Income Threshold Act, aims to amend the Internal Revenue Code of 1986 in order to raise the threshold amounts for including Social Security benefits in income. Currently, Social Security benefits are subject to income tax if an individual's combined income exceeds $25,000 for single filers and $32,000 for joint filers. This bill seeks to increase these threshold amounts, providing relief for individuals who rely on Social Security as their primary source of income.

The proposed changes in this bill would help reduce the tax burden on Social Security recipients, allowing them to keep more of their benefits without having to worry about additional taxes. By raising the income thresholds, more individuals would be able to enjoy the full benefits of their Social Security payments without facing unnecessary tax liabilities.

Overall, the Social Security Income Threshold Act aims to provide much-needed financial relief to Social Security recipients and ensure that they can maintain a decent standard of living in their retirement years. This bill is a step towards creating a more equitable tax system for individuals who rely on Social Security benefits as their main source of income.