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.