U.S. Congress - H.R.5725 Senior Citizens Income Security Act of 2010
H.R.5725 - Senior Citizens Income Security Act of 2010
To amend the Internal Revenue Code of 1986 to repeal taxes on the income of senior citizens and to improve income security of senior citizens. view all titles (2)
All Bill Titles
- Official: To amend the Internal Revenue Code of 1986 to repeal taxes on the income of senior citizens and to improve income security of senior citizens. as introduced.
- Short: Senior Citizens Income Security Act of 2010 as introduced.
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Official Summary
7/13/2010--Introduced.Senior Citizens Income Security Act of 2010 - Amends the Internal Revenue Code to: (1) to replace the formula for including social security benefits in gross income for income tax purposes with the formula in existence prior to the enactment of the Omnibus Budget RecoOfficial Summary
7/13/2010--Introduced.Senior Citizens Income Security Act of 2010 - Amends the Internal Revenue Code to:(1) to replace the formula for including social security benefits in gross income for income tax purposes with the formula in existence prior to the enactment of the Omnibus Budget Reconciliation Act of 1993;
(2) eliminate mandatory withdrawals from retirement accounts after age 70-1/2;
(3) eliminate employment taxes on individuals receiving social security retirement and Medicare benefits; and
(4) allow an exclusion from gross income, up to $250 ($500 for joint returns), for dividends, interest, and capital gains. Appropriates additional amounts to the Hospital Insurance Trust Fund to compensate for losses in revenue resulting from the revision of the formula for including social security benefits in gross income. Amends title II (Old-Age, Survivors, and Disability Insurance Benefits) of the Social Security Act to require the Secretary of Health and Human Services (HHS) to establish a procedure for allowing Medicare beneficiaries to waive Medicare entitlements and be automatically enrolled in the Medicare Alternative Voucher Program established by this Act.
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Recent Blog Coverage
H.R.5725: Senior Citizens Income Security Act of 2010 - U.S. ...
Official government data, breaking news and blog coverage, public comments and user community for HR5725 Senior Citizens Income Security Act of 2010.
H.R. 5725: To amend the Internal Revenue Code of 1986 to repeal ...
A bill in the US Congress: To amend the Internal Revenue Code of 1986 to repeal taxes on the income of senior citizens and to improve income security of senior citizens.
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