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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
5/14/1974--Introduced. Provides that, for purposes of figuring the credit allowable on taxes withheld from retirement income, the amount of retirement income shall be the combined retirement income of both spouses (making a joint return) up to a precribed level, less specified amounts in excess of specified incomes for aged individuals of different ages and less amounts of pensions and annuities under the Social Security Act or Railroad Retirement Act, or amounts otherwise excluded from gross income. Provides that a portion of the amount to be subtracted in such determination for individuals over 62 but under 72 shall be 50 percent of the earned income of such individuals in excess of such prescribed level.