H.R. 2266, also known as the “RETIREES FIRST Act,” aims to amend the Internal Revenue Code to raise the income thresholds for including Social Security benefits in taxable income. The bill proposes to increase the base amount to $34,000 for individual taxpayers and $68,000...
Simple Explanation
H.R. 2266 wants to change the rules so that people can earn a bit more money before their Social Security benefits are taxed, without taking away from the money that helps pay those benefits. It uses some money from the big government piggy bank to make sure everything stays balanced.