A bill to amend the Internal Revenue Code of 1954 to permit the deduction of all expenses for medical care of a taxpayer and his spouse if either of them attained the age of 65, to provide a credit or refund of social security taxes withheld from the wages of certain individuals who have attained the age of 65 and a corresponding reduction in the tax on self-employment income of such individuals, to replace the retirement income credit with a deduction for retirement income, and to increase the number of additional personal exemptions allowable to retired taxpayers.

Summary

Revises the Internal Revenue Code by: (1) permitting the deduction of all expenses for medical care of a taxpayer and his spouse if either of them has attained age 65 during the taxable year; (2) allowing a credit or refund of social security taxes withheld from the wages of taxpayers aged 65 whose wages do not exceed $200 multiplied by the number of months in the taxable year; (3) allowing as a deduction, in the case of an individual, the amount of retirement income received by that individual during the taxable year; and (4) increasing the amount of the personal exemption allowable to retired taxpayers.

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• Introduced in Senate

  summary · EN · 2 May 1974

  Open at official source

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