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.

Amends the Internal Revenue Code to provide a $5,000 tax exclusion from gross income for any amount received as an annuity, pension, or other retirement benefit. Limits the exclusion to $5,000 for married couples as well as individuals.