“A bill to amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.”
No CRS summary available for this bill.
This section terminates the inclusion of Social Security and equivalent Tier I railroad retirement benefits in gross income under IRC §86 for taxable years beginning after enactment. (As background, up to 85% of such benefits is currently included in gross income for recipients with provisional income exceeding $25,000 for individuals or $32,000 for joint returns.) It also appropriates from general Treasury funds to the relevant Social Security trust funds and Railroad Retirement Account, for each fiscal year, an amount equal to the lost transfer payments to those funds resulting from the termination (thus holding the funds harmless), and states the sense of Congress that no tax increases will be used for such appropriations.