This bill, titled the "RETIREES FIRST Act," proposes to amend the Internal Revenue Code of 1986 to significantly increase the income thresholds for the taxation of Social Security benefits. It raises the "base amount" for individuals from $25,000 to $34,000 and for those filing joint returns from $32,000 to $68,000 . These new thresholds will be subject to an annual inflation adjustment starting after 2025, aiming to reduce the tax burden on retirees. A key provision ensures that the Social Security Trust Funds and Railroad Retirement Act funds are held harmless from any revenue reduction caused by these changes. The bill mandates an appropriation from the Treasury to cover any such losses. To offset this cost, the legislation requires an equivalent amount to be rescinded annually from non-security discretionary appropriations , starting in fiscal year 2027, thereby shifting the financial burden to other government spending categories.