Referred to the Committee on Energy and Commerce, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Why This Matters
This bill aims to lower the amount of Social Security benefits that people have to report as income for tax purposes, helping them keep more money in their pockets.
If you receive Social Security benefits, you could pay less in taxes for the next two years.
Who this affects
Seniors · Retirees
What changes is this bill making?
1This bill temporarily reduces the taxable income from Social Security benefits.
2It applies to old-age and survivors insurance benefits and tier 1 railroad retirement benefits.
3For 2026, taxpayers will include 10% less of their benefits as income.
4For 2027, taxpayers will include 20% less of their benefits as income.
5The bill ensures that trust funds for Social Security and Medicare are protected.
