February 7, 2025
Ms. Malliotakis introduced the following bill; which was referred to the Committee on Ways and Means
To amend the Internal Revenue Code of 1986 to increase the exclusion from gross income of social security benefits.
Section 1. Short title
This Act may be cited as the Tax Relief Unleashed for Seniors by Trump Act
.
Sec. 2. Increase in exclusion from gross income of social security benefits
(a) In general
Section 86(c) of the Internal Revenue Code of 1986 is amended—
(1)
by striking $25,000
in paragraph (1)(A) and inserting $50,000
,
(2)
by striking $32,000
in paragraph (1)(B) and inserting $64,000
,
(3)
by striking $34,000
in paragraph (2)(A) and inserting $59,000
, and
(4)
by striking $44,000
in paragraph (2)(B) and inserting $76,000
.
(b) Inflation adjustment
Section 86(c) of such Code is amended by adding at the end the following new paragraph:
(3) Inflation adjustment
(A) In general
In the case of any taxable year beginning after December 31, 2026, the dollar amounts in paragraphs (1)(A), (1)(B), (2)(A), and (2)(B) shall each be increased by an amount equal to—
(i)
such dollar amount, multiplied by
(ii)
the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins by substituting
calendar year 2025forcalendar year 2016in subparagraph (A)(ii) thereof.(B) Rounding
If any increase determined under subparagraph (A) is not a multiple of $100, such increase shall be rounded to nearest multiple of $100.
(c) Effective date
The amendments made by this section shall apply to taxable years beginning after December 31, 2025.