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Rep. Posey Seeks Cosponsors for the Senior Citizens Income Security Act

Washington, Jul 12 -

The 60 Plus Association recently endorsed Rep. Posey’s Senior Citizens Income Security Act, which will be introduced on Tuesday July 13 – noon Deadline for original cosponsors. The bill includes five elements that will protect senior citizens income: (1) Repeals the 1993 Clinton tax increase on Social Security benefits; (2) Eliminates the requirement that seniors begin mandatory withdrawals from IRAs at age 70½; (3) Eliminates Social Security payroll taxes for Social Security recipients; (4) Allows seniors to continue receiving their earned Social Security benefits if they choose not to enroll in Medicare Part A; and (5) Creates a new $250 exemption to eliminate burdensome tax paperwork for small amounts of income from savings accounts, dividends, or capital gains.