Joco Today

U.S. Senators Roger Marshall and Marsha Blackburn have introduced the RETIREES FIRST Act, a bill aimed at reducing the tax burden on Social Security benefits for seniors. The proposed legislation seeks to provide tax relief by redirecting funds from inefficient non-security discretionary programs, ensuring the protection of Social Security and Medicare trust funds while prioritizing retirees.

Historically, Social Security benefits were not subject to federal income tax. However, current exemptions have not kept pace with inflation, resulting in "bracket creep" that affects middle-income retirees. Currently, about 56% of retirees pay taxes on their Social Security benefits, a significant increase from less than 10% in 1984. Many retirees depend on Social Security as their primary income source, and the added tax burden diminishes their quality of life amid inflationary pressures.

Senator Marshall stated, “After four years of record-high inflation, the current tax on Social Security has been devastating to America’s retirees.” He emphasized that by cutting these taxes, the bill aims to allow seniors to retain more of their income and address a fundamental flaw in the tax system.

The full text of the bill is available for those interested in further details.