To amend the Internal Revenue Code of 1954 to provide a basic $5,000 of an individual or married couple, for amounts received as annuities, pensions, or other retirement benefit.

Provides a basic $5,000 exemption from income tax under the Internal Revenue Code in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits. (Amends 26 U.S.C. 72a)