All of the attempts to reduce taxes for seniors fail the basic fairness test when they consider only income and not net worth. Many seniors are income poor but have substantial even obscene amounts of property, stocks, bonds, etc. Allowing these seniors to skip out on tax liability unfairly shifts the tax burden to younger taxpayers who do not (yet) have the net worth but do have mortgages, kids to feed and clothe, etc. but only moderate income to accomplish these goals.
The fact that we do not have a federal tax form that can be submitted to demonstrate net worth of a taxpayer does not eliminate the basic unfairness of ignoring net worth in these kind of calculations.