Washington, D.C. – Last week Congressman Tom Emmer (MN-06) reintroduced the Retirement Inflation Protection Act (RIPA) of 2017.
RIPA will protect all Americans over the age of 59 ½ years old from paying inflation-induced capital gains taxes on assets like a house, a business, or stocks. This will help to ensure that seniors are only paying capital gains on real increases in value of an asset, thus, allowing them to keep more of their own money for retirement.
“During our discussions on tax reform, it is crucial we look at all taxes, but especially regressive taxes like inflation that hit low-income Americans and seniors the hardest,” said Emmer. “I am proud to introduce the Retirement Inflation Protection Act to bring relief to our nation’s seniors. This legislation will provide protection to those over the age of 59 ½ from the harmful effects of inflation and create a safeguard for their hard-earned assets, all while enabling them to be more self-sufficient. I look forward to continuing our efforts to reform our nation’s tax code, especially when it benefits those who need our help the most.”
RIPA has been endorsed by the Association of Mature American Citizens (AMAC). Dan Weber, President and Founder of AMAC, issued the following statement following the bill’s introduction: “The Retirement Inflation Protection Act is a real-time solution to a real-life problem. Seniors need the reassurance that the assets they’ve accumulated over decades of hard work won’t be raided by taxes as begin their retirement. As the cost of retiring continues to increase, RIPA offers seniors peace of mind that they can be financially secure in their golden years.”
The Retirement Inflation Protection Act is H.R. 2017. Click here to read the full text.