Tax Relief Unleashed for Seniors by Trump Act

119 HR 1129 IH: Tax Relief Unleashed for Seniors by Trump Act U.S. House of Representatives 2025-02-07 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 1129 IN THE HOUSE OF REPRESENTATIVES February 7, 2025 Ms. Malliotakis introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to increase the exclusion from gross income of social security benefits. 1. Short title This Act may be cited as the Tax Relief Unleashed for Seniors by Trump Act . 2. Increase in exclusion from gross income of social security benefits (a) In general Section 86(c) of the Internal Revenue Code of 1986 is amended— (1) by striking $25,000 in paragraph (1)(A) and inserting $50,000 , (2) by striking $32,000 in paragraph (1)(B) and inserting $64,000 , (3) by striking $34,000 in paragraph (2)(A) and inserting $59,000 , and (4) by striking $44,000 in paragraph (2)(B) and inserting $76,000 . (b) Inflation adjustment Section 86(c) of such Code is amended by adding at the end the following new paragraph: (3) Inflation adjustment (A) In general In the case of any taxable year beginning after December 31, 2026, the dollar amounts in paragraphs (1)(A), (1)(B), (2)(A), and (2)(B) shall each be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting calendar year 2025 for calendar year 2016 in subparagraph (A)(ii) thereof. (B) Rounding If any increase determined under subparagraph (A) is not a multiple of $100, such increase shall be rounded to nearest multiple of $100. . (c) Effective date The amendments made by this section shall apply to taxable years beginning after December 31, 2025.