Search Results: keywords:"retirees first act"

  • S. 5603 — To amend the Internal Revenue Code of 1986 to increase the threshold amounts for inclusion of Social Security benefits in income, and for other purposes.
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    Status:Introduced in Senate
    Words:1,146

    The bill, S. 5603, aims to amend the Internal Revenue Code of 1986 by raising the threshold amounts for including Social Security benefits in taxable income, providing financial relief to retirees. It proposes increasing base amounts to $34,000 for individuals and $68,000 for...

    Simple Explanation

    The bill wants to make sure older folks pay less money on their Social Security benefits by changing which amounts get taxed, and it promises to keep the money safe for things like Social Security and train retirement without taking away too much from other important things.

  • S. 358 — To amend the Internal Revenue Code of 1986 to increase the threshold amounts for inclusion of Social Security benefits in income.
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    Status:Introduced in Senate
    Words:1,130

    S. 358, also known as the "RETIREES FIRST Act," proposes changes to the Internal Revenue Code to increase the income threshold for including Social Security benefits in taxable income. The bill sets new base amounts of $34,000 for single people and $68,000 for joint filers, with inflation...

    Simple Explanation

    S. 358 wants to make sure that people who get money from Social Security don’t have to pay taxes on it unless they earn a lot more money. It also wants to make sure that the money needed to make this change doesn’t take away from other important things the government spends money on.