RETIREES FIRST Act

This bill increases the income threshold at which Social Security benefits become taxable for retirees. It raises the base amount from $25,000 (single filers) to $34,000 and from $32,000 (joint filers) to $68,000, with annual inflation adjustments based on the Consumer Price Index. The bill also requires the Treasury to appropriate funds to protect Social Security trust funds from revenue losses caused by this tax change. It applies to taxable years beginning after December 31, 2024, and reallocates non-security discretionary spending to fund the tax relief.