Congresswoman Nicole Malliotakis recently gathered with senior citizens at the Bay Ridge Center in Brooklyn to advocate for her proposal to reduce taxes on Social Security income for seniors. As a member of the House Ways & Means Committee, Malliotakis is actively involved in negotiations and aims to incorporate this initiative into the upcoming budget reconciliation tax package.
The Ways & Means Committee is set to review the bill text this week, a crucial step towards advancing these tax relief measures through Congress. The proposed legislation includes provisions that align with Malliotakis’ existing proposals, offering a bonus deduction of $4,000 for individuals earning $75,000 or less and $8,000 for married couples earning $150,000 or less.
Malliotakis has been vocal about raising the SALT cap from its current limit of $10,000 to $30,000. This change would provide significant relief for middle-class families in high-tax states like New York. Additionally, she advocates increasing the standard deduction and preventing the return of the Alternative Minimum Tax.
“As Ways & Means meets this week to debate and vote on the tax portion of the reconciliation package, I am excited that key provisions of legislation I’ve introduced will be included to reduce the tax burden on working Americans, senior citizens and middle-class families in our community,” said Rep. Nicole Malliotakis. “Today I joined Brooklyn seniors to rally support for needed tax relief because too many seniors are being forced to stretch their retirement savings further than ever before.”
Malliotakis is also sponsoring other legislative measures aimed at easing financial burdens on seniors:
– H.R. 1129: The Tax Relief Unleashed for Seniors by Trump (TRUST) Act proposes doubling current exempt income from $25,000 to $50,000 for single filers and from $32,000 to $64,000 for married couples aged 65 and older.
– H.R. 2266: The Reducing Excessive Taxation and Inefficiencies by Reforming Elder Exemptions to Support Fairness, Inflation Relief, and Simpler Taxes Act (RETIREES FIRST Act) seeks to modernize outdated Social Security tax thresholds.
Currently, nearly 56% of retirees pay taxes on their Social Security benefits compared to less than 10% in 1984 when exemptions were first established. To address this issue, Malliotakis has introduced legislation raising provisional income thresholds—$34,000 for single filers and $68,000 for married filers—to exempt most middle-class retirees from paying taxes on their benefits.
The unchanged income thresholds since 1984 have led an increasing number of beneficiaries to pay federal income tax due to rising wages over time.
In addition to focusing on reducing senior taxes as part of her role in the House Committee on Ways & Means Committee efforts include increasing domestic production by incentivizing companies relocating manufacturing facilities back home.
