Section 1 Short title
This Act may be cited as the “No Tax on Social Security”.
No Tax on Social Security
A BILL
To amend the Internal Revenue Code of 1986 to repeal the inclusion in gross income of Social Security benefits.
Sec. 2 Repeal of inclusion of social security benefits in adjusted gross income
In general— Section 86 of the Internal Revenue Code of 1986 (relating to social security benefits) is amended by adding at the end the following new subsection:
“(g) Termination—This section shall not apply to any taxable year beginning after the date of the enactment of this subsection.”
Social security trust funds held harmless— There are hereby appropriated (out of any money in the Treasury not otherwise appropriated) for each fiscal year to each fund under the Social Security Act (including the Federal Hospital Insurance Trust Fund) or the Railroad Retirement Act of 1974 an amount equal to the reduction in the transfers to such fund for such fiscal year by reason of section 86(g) of the Internal Revenue Code of 1986.