To amend the Internal Revenue Code of 1954 to provide a basic $10,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

Amends the Internal Revenue Code to exclude from gross income any annuities, pensions, or other retirement benefits received by an individual or married couple aged 65 or older whose total income from such sources does not exceed $10,000.