A bill to amend the Internal Revenue Code of 1954 to provide that the first $5,000 of income of individuals 65 years of age or over shall be excluded from gross income.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income of any individual who has attained the age of 65 the first $5,000 of income, including any amount received as a pension or annuity, which would otherwise be included in such gross income.…