Us Congress 2025-2026 Regular Session

Us Congress House Bill HB1129

Introduced
2/7/25  

Caption

Tax Relief Unleashed for Seniors by Trump Act

Impact

The implementation of HB1129 is expected to have a considerable impact on the financial well-being of seniors across the state. By increasing the exclusion amounts, seniors with fixed incomes will likely find themselves in a better position to manage their finances without the worry of excessive taxation on their social security benefits. This could enhance their capacity to spend on essential needs such as healthcare and housing, thereby potentially stimulating local economies. Furthermore, this move aligns with ongoing discussions about making tax systems more equitable for the elderly population.

Summary

House Bill 1129, titled the 'Tax Relief Unleashed for Seniors by Trump Act', proposes amendments to the Internal Revenue Code specifically aimed at increasing the exclusion of social security benefits from gross income. The proposed changes include raising the exclusion thresholds significantly for couples and individuals, which would ease the tax burden on low to moderate-income seniors. The new limits would increase from $25,000 for individuals and $32,000 for couples to $50,000 and $64,000 respectively, allowing more seniors to benefit without their social security income contributing to their taxable income.

Contention

Notably, while the bill appears to gain support from several members advocating for senior citizens, there are concerns that altering the tax structure may lead to budgetary implications for state revenues. Critics argue that increasing the income exclusion could limit the state's ability to fund essential services and programs that benefit not only seniors but the broader community. As the discussion evolves, the bill could encounter challenges from lawmakers who emphasize the need for fiscal responsibility and caution against initiatives that might exhaust tax revenues.

Congress_id

119-HR-1129

Introduced_date

2025-02-07

Companion Bills

No companion bills found.

Previously Filed As

US HB9465

Seniors in the Workforce Tax Relief Act

US HB7024

Tax Relief for American Families and Workers Act of 2024

US HB10147

RECRUIT Act of 2024 Reserve Employers Comprehensive Relief and Uniform Incentives on Taxes Act of 2024

US HB5873

Natural Disaster Tax Relief Act of 2023

US HB9914

Fresh Food Act

US HB9909

Working Waterfront Disaster Mitigation Tax Credit Act

US HB5863

Federal Disaster Tax Relief Act of 2023

US SB5296

READY Accounts Act

US HB5988

United States-Taiwan Expedited Double-Tax Relief Act

US SB5576

A bill to limit eligibility for Federal benefits for certain immigrants, and for other purposes.

Similar Bills

No similar bills found.