The purpose of this legislation is to amend the tax code in order to increase the income thresholds that determine how much of a person's Social Security benefits are subject to taxation. The goal is to reduce the tax burden on retirees and make the tax system fairer, especially in light of inflation. Key provisions of the legislation include raising the income thresholds for including Social Security benefits in taxable income. Specifically, the new thresholds will be set at $34,000 for individuals and $68,000 for married couples filing jointly.