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.