A bill to amend the Internal Revenue Code of 1954 to provide a basic $5,000 exemption from income tax, in the case of an individual or a married couple, for amounts received as annuities, pensions, or other retirement benefits.

Permits, under the Internal Revenue Code of 1954, the exclusion of $5,000 from gross income, 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. 72(a))