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Standard Summary
Comprehensive overview in 1-2 paragraphs
The RETIREES FIRST Act increases the threshold amounts for including Social Security benefits in taxable income and provides funding mechanisms.
Key Points
- 1Increases base amounts for Social Security taxation to $34,000 (single) and $68,000 (joint)
- 2Includes annual inflation adjustments starting after 2025
- 3Provides Social Security trust fund protections for revenue losses
- 4Rescinds non-security discretionary appropriations to offset costs
- 5Excludes security category appropriations from rescissions
- 6Requires OMB reporting on rescissions
- 7Applies to taxable years beginning after December 31, 2025
Impact Areas
Social Security taxationSenior citizensFederal tax policySocial Security trust fundsFederal budget and appropriationsTaxpayer filing requirements
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