A pair of new bills could introduce tax cuts for senior citizens, part of a massive tax package currently being put together by House Republicans for President Donald Trump.
According to the New York Post, Rep. Nicole Malliotakis (R-N.Y.) introduced the “Bonus Tax Relief for America’s Seniors Act,” and the “Tax Relief Unleashed for Seniors by Trump (TRUST) Act” on Monday, which would increase deductions on taxable income of Americans over the age of 65 who are also receiving Social Security benefits.
The bipartisan “Bonus Tax Relief” act, would give married couples and individuals extra deductions between $5,000 and $10,000, while the TRUST Act would double tax-exempt income on Social Security from $25,000 to $50,000 for single individuals. Married couples would have between $32,000 and $64,000 exempt from income on Social Security benefits.
Malliotakis said in a statement to the Post, that seniors should be able to keep more of their own money.
“Our seniors have worked hard and paid taxes their whole lives and they should be able to keep more of their Social Security and retirement income without Uncle Sam trying to reach into their pockets again,” Malliotakis said.
She added, “Many of our seniors have been crushed by inflation and are being forced to stretch their retirement savings further than ever before. The bills I’m introducing today would reduce the tax burden on our seniors, keep more money in their pockets and allow them to retire with greater financial security.”
The move comes after Trump has asked lawmakers to follow through on his campaign promises to eliminate taxes on tips, overtime, and Social Security. The president further wants to make his 2017 tax cuts a permanent fixture.
Republicans in Senate released a budget framework last week, which include Trump’s priorities on securing the southern border and energy. The Post further reported House Speaker Mike Johnson (R-LA.) is hoping to add the tax provisions into “one big, beautiful bill.”
