Search Results: keywords:"social security trust funds"

  • S. 5422 — To amend the Internal Revenue Code of 1986 to provide a contribution limit and increased minimum distributions for certain retirement plans with large account balances.
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    Status:Introduced in Senate
    Words:3,646

    S. 5422 aims to modify the Internal Revenue Code of 1986 by introducing limits on contributions to certain retirement plans with large account balances and by increasing the required minimum distributions from these plans. The bill sets a contribution cap of $4,000,000,...

    Simple Explanation

    The bill wants to stop people from putting too much money into huge retirement piggy banks by setting a big cap on them, making them take some money out every year, and using extra money to help Social Security.

  • H. R. 904 — To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
    Status:Introduced in House
    Words:288

    H.R. 904 proposes to change the Internal Revenue Code of 1986 by stopping the requirement to include Social Security benefits as part of a person's gross income for tax purposes. This means that individuals receiving Social Security would no longer have to pay federal income...

    Simple Explanation

    The bill wants to stop making people pay taxes on their Social Security money, which is like a monthly allowance given to people when they get old or can't work. It will also make sure that the money needed for these allowances doesn't run out, even if the government gets less money from taxes.

  • H. R. 9359 — To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
    Status:Introduced in House
    Words:266

    H.R. 9359 proposes changes to the Internal Revenue Code of 1986 to remove the requirement for Social Security benefits to be considered as part of a person's gross income, meaning that these benefits would no longer be taxable. The bill includes a provision to ensure that the...

    Simple Explanation

    H.R. 9359 is a plan to stop taxing money people get from Social Security, which is like a government help for when they're older. It also wants to make sure taking away the tax doesn't hurt the Social Security savings, by promising to pay back any missing money from another part of the government.