Bill Nelson and Marco Rubio Team Up To Help Seniors With Taxes

On Wednesday, Floridas two U.S. senators -- Democrat Bill Nelson and Republican Marco Rubio -- worked across party lines to introduce a measure that would create a new IRS form for senior citizens which, the senators maintained, would make filing taxes on Social Security benefits and other sources of income easier for retirees.

The senators unveiled the legislation, which they dubbed the Seniors Tax Simplification Act, that would set up a new 1040SR form for senior filing taxes. The proposal has the backing of a wide array of groups including the American Association of Retired Persons (AARP), the 60 Plus Association, Americans for Tax Reform (ATR) and the National Taxpayer Union (NTU).

Seniors are not alone when it comes to dreading doing their tax returns, said Nelson. Almost everybody complains about the hours it takes and seemingly endless complex forms. So this legislation is a good step in the right direction. Hopefully, well be able to simplify the tax code next.

Filing ones taxes has become a dreaded experience, but this is especially so for seniors whose retirement finances are simple but still have to deal with a complicated filing process, said Rubio.For many seniors, paying taxes can and should be a lot easier than it is, and this new senior tax form will eliminate the hassle by making it easier to report their income each year.