New Senate legislation could reduce the tax on lifetime annuity income by 50%.[@@]
The bill, which will be reintroduced in the next Congress in January 2005, is designed to give existing retirement income products a seat at the table when lawmakers start revamping Social Security.
The bill was introduced Tuesday by Sens. Gordon Smith, R-Ore., and Kent Conrad, D-N.D. A similar bill was introduced in the House much earlier in the legislative year by Rep. Nancy Johnson, R-Conn.
The House bill has a number of sponsors on both sides of the aisle, particularly on the House Ways and Means Committee, according to officials at Americans for Secure Retirement, Washington.