RETIREES FIRST Act increases Social Security income thresholds and adjusts for inflation.
The RETIREES FIRST Act amends the Internal Revenue Code to increase the threshold amounts for including Social Security benefits in income. It raises the base amount to $34,000 for individual filers and $68,000 for joint filers, with zero for married individuals not filing jointly and living with their spouse. The bill also includes an inflation adjustment starting from taxable years after 2025. Additionally, it reallocates non-security discretionary appropriations to support retiree tax relief, excluding security-related spending.
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