Senior Citizens Tax Elimination Act - HR 150

[civusamericanus]

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.150:

112th CONGRESS
1st Session
H. R. 150

To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.

IN THE HOUSE OF REPRESENTATIVES
January 5, 2011
Mr. Paul 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 repeal the inclusion in gross income of Social Security benefits.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the “Senior Citizens Tax Elimination Act”.

SEC. 2. REPEAL OF INCLUSION IN GROSS INCOME OF SOCIAL SECURITY BENEFITS.
(a) In General.—Section 86 of the Internal Revenue Code of 1986 (relating to social security benefits) is amended by adding at the end the following new subsection:


“(g) Termination.—This section shall not apply to any taxable year beginning after the date of the enactment of this subsection.”.

(b) Social Security Trust Funds Held Harmless.—

(1) IN GENERAL.—There are hereby appropriated (out of any money in the Treasury not otherwise appropriated) for each fiscal year to each fund under the Social Security Act or the Railroad Retirement Act of 1974 an amount equal to the reduction in the transfers to such fund for such fiscal year by reason of section 86(g) of the Internal Revenue Code of 1986.

(2) NO TAX INCREASES.—It is the sense of the Congress that tax increases will not be used to provide the revenue necessary to carry out paragraph (1).

We need to talk about this with everyone who receives social security, and baby boomer's, who will be collecting social security soon!

[HOLLYWOOD]

Yes Good Point...

Never knew about this legislation and I bet 99.9% of Iowans and NHs don't either.