Florida Sens. Marco Rubio and Bill Nelson today, in their first bipartisan legislative effort, will introduce a bill making it easier for seniors to file tax forms.
The Seniors Tax Simplification Act would create a new 1040SR form allowing for easier filing for Social Security benefits as well as dividends, capital gains and interest. Currently seniors cannot file the one-page 1040EZ even if they want to because it does not include a line for pension and Social Security income.
"Filing one's taxes has become a dreaded experience, but this is especially so for seniors whose retirement finances are simple but still have to deal with a complicated filing process," Rubio said.
Nelson said, "Almost everybody complains about the hours it takes and seemingly endless complex forms. So this legislation is a good step in the right direction. Hopefully, we'll be able to simplify the tax code next."
A companion bill, H.R. 1058, has been introduced in the House, and the legislation is backed by the AARP and its conservative counterpart, the 60 Plus Association, as well as Americans for Tax Reform and the National Taxpayer Union.
Rubio got praise this morning from the Wall Street Journal editorial board for another bill he sponsored -- one mandating that any funds returned by a state, such as the $2.5 billion Florida rejected for high speed rail, go toward paying down the debt and not another state.
Posted by Alex Leary at 8:16:56 am on May 18, 2011