A bill to amend the Internal Revenue Code of 1954 to permit an exemption of the first $7,500 of income received by a taxpayer who is 65 years of age or older.

Permits, under the Internal Revenue Code of 1954, an exemption of the first $7,500 of income received by a taxpayer who is 65 years of age or older. (Amends 26 U.S.C. 124)