Bacon Introduces the Seniors in The Workforce Tax Relief Act

Washington, D.C. - Rep. Don Bacon (R-NE-02) has introduced H.R. 9465, Seniors in the Workforce Tax Relief Act. This bill will amend the Internal Revenue Code (IRS) of 1986 to establish an above-the-line tax deduction for seniors.

H.R. 9465 establishes a temporary five-year deduction for seniors in the amount of $25,000 annually. The allowable deduction amount phases out between $100,000 and $125,000. The phaseout amounts are doubled in the case of a joint return or when there is a joint return with respect to which both filers are over age 65.

The effective date of the deduction begins with income received in the 2024 taxable year and would include income from 401k's and other taxable annuity payments, not just income from wages.

"The Biden Administration's tax policies are unmanageable with inflation at its highest levels in years," said Rep. Bacon."This tax bill will provide some real relief to our seniors and their families who are struggling to make ends meet as a result of the Biden Administration's damaging economic policies."

This legislation is part of Rep. Bacon's comprehensive plan to rein in the consequences of the current economy, including H.R. 7870, the Tip Tax Termination Act, and H.R. 8194, the Second Job Tax Relief Act of 2024. The Tip Tax Termination Act, introduced on April 5, 2024, will exempt from inclusion in taxable income the first $20,000 in earned tips. The Second Job Tax Relief Act of 2024, introduced on May 1, 2024, will amend the tax code to exclude from income and payroll tax some compensation earned from a second job.

All three bills can be viewed here:

H.R. 9465, Senior in the Workforce Tax Relief Act

H.R. 7870, the Tip Tax Termination Act

H.R. 8194, the Second Job Tax Relief Act of 2024

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