HR 1140

112th CONGRESS
1st Session

H. R. 1140

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.

IN THE HOUSE OF REPRESENTATIVES

March 16, 2011

Mr. POSEY (for himself, Mr. RIVERA, Mr. ROSS of Florida, Mr. WEST, and Mrs. BLACKBURN) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, 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


A BILL

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.

SECTION 1. SHORT TITLE.

SEC. 2. REPEAL OF 1993 INCOME TAX INCREASE ON SOCIAL SECURITY BENEFITS.

SEC. 3. ELIMINATE MANDATORY WITHDRAWALS ON IRAS.

SEC. 4. ELIMINATE PAYROLL TAX FOR MEDICARE AND SOCIAL SECURITY BENEFICIARIES.

SEC. 5. AUTHORITY TO ELECT VOUCHER PROGRAM INSTEAD OF MEDICARE PART A ENTITLEMENT.

SEC. 6. PARTIAL EXCLUSION OF INTEREST, DIVIDENDS, AND CAPITAL GAINS RECEIVED BY INDIVIDUALS.

`SEC. 116. PARTIAL EXCLUSION FOR INTEREST, DIVIDENDS, AND CAPITAL GAINS RECEIVED BY INDIVIDUALS.

SEC. 7. PRIORITIZE OBLIGATIONS ON THE DEBT HELD BY THE PUBLIC AND PAYMENT OF SOCIAL SECURITY BENEFITS.

END