Retirement Tax Elimination Act Of 2024. The passage of the secure act 2.0 in 2022 introduced several sweeping improvements to how americans can use retirement savings plans. The windfall elimination provision (wep) reduces the amount of social security benefits people can collect if they receive a government retirement plan in addition to social security.
First and foremost, it’s important to understand the overall goal of senate bill 461. Senior citizens tax elimination act.