Gus Bilirakis: “As tax filing season begins, important improvements to our tax code are already making a real difference for older…”

“As tax filing season begins, important improvements to our tax code are already making a real difference for older Americans. For too long seniors were treated unfairly, Mr. Speaker, taxed on their Social Security benefits and left struggling to cover rising costs. That is finally starting to change. This year, a new $6,000 tax exemption for taxpayers age 65 and older takes effect. Last week, I visited a tax preparation site in Pasco County, Florida, and my constituents confirmed that this provision is helping them. Enacted as part of the Working Families Tax Cut Act, this deduction applies through 2028 and is available whether seniors take the standard deduction or itemize. It will benefit millions of Americans on fixed incomes, providing meaningful relief as costs for housing, healthcare, prescriptions, and groceries continue to rise. But our work is not done, Mr. Speaker. To many seniors, they still see their Social Security benefits taxed. That is why I support legislation to fully exempt Social Security income from Federal taxation. Tax policy should reward a lifetime of hard work, Mr. Speaker, not penalize retirement.”