Referred to the Committee on Ways and Means, and in addition to the Committee on Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The RETIREES FIRST Act increases the income thresholds at which Social Security benefits become subject to federal taxation. Currently, retirees must include some of their Social Security income in taxable gross income if their combined income exceeds certain limits ($25,000 for single filers and $32,000 for joint filers). This bill raises those thresholds to $34,000 and $68,000 respectively, starting in 2026, meaning more retirees will pay less in taxes on their Social Security benefits. The thresholds will automatically adjust annually for inflation after 2025. To offset the cost to the Social Security Trust Funds, the bill appropriates federal funds to make up lost revenue and requires across-the-board cuts to non-security federal discretionary spending starting in fiscal year 2027, with the Office of Management and Budget required to report annually on these cuts.
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