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A bill to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
2/7/2025, 11:56 AM
Summary of Bill S 458
Bill 119 s 458, also known as the Social Security Income Repeal Act, is a proposed piece of legislation that aims to amend the Internal Revenue Code of 1986 by repealing the requirement to include Social Security benefits in gross income.
Currently, Social Security benefits are subject to taxation if an individual's income exceeds a certain threshold. This bill seeks to eliminate this provision, effectively exempting Social Security benefits from being counted as taxable income.
Proponents of the bill argue that Social Security benefits are intended to provide financial support to retired individuals and should not be subject to additional taxation. They believe that repealing the inclusion of Social Security benefits in gross income will help alleviate the financial burden on retirees and ensure that they can fully benefit from the program. Opponents of the bill may argue that exempting Social Security benefits from taxation could result in a loss of revenue for the government, potentially impacting other programs and services. They may also raise concerns about the potential impact on the overall tax system and the distribution of tax burdens among different income groups. Overall, Bill 119 s 458 represents a significant proposed change to the taxation of Social Security benefits and has the potential to have a significant impact on retirees and the overall tax system.
Currently, Social Security benefits are subject to taxation if an individual's income exceeds a certain threshold. This bill seeks to eliminate this provision, effectively exempting Social Security benefits from being counted as taxable income.
Proponents of the bill argue that Social Security benefits are intended to provide financial support to retired individuals and should not be subject to additional taxation. They believe that repealing the inclusion of Social Security benefits in gross income will help alleviate the financial burden on retirees and ensure that they can fully benefit from the program. Opponents of the bill may argue that exempting Social Security benefits from taxation could result in a loss of revenue for the government, potentially impacting other programs and services. They may also raise concerns about the potential impact on the overall tax system and the distribution of tax burdens among different income groups. Overall, Bill 119 s 458 represents a significant proposed change to the taxation of Social Security benefits and has the potential to have a significant impact on retirees and the overall tax system.
Current Status of Bill S 458
Bill S 458 is currently in the status of Bill Introduced since February 6, 2025. Bill S 458 was introduced during Congress 119 and was introduced to the Senate on February 6, 2025. Bill S 458's most recent activity was Read twice and referred to the Committee on Finance. as of February 6, 2025
Bipartisan Support of Bill S 458
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 458
Primary Policy Focus
Alternate Title(s) of Bill S 458
A bill to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
A bill to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
Comments
Sponsors and Cosponsors of S 458
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