Washington, D.C. – Yesterday, Congressman Tom Emmer (MN-06) introduced the Retirement Inflation Protection Act which will help seniors by reducing their tax burden caused by inflation.
The Retirement Inflation Protection Act will protect all Americans over the age of 59.5 years old from paying capital gains taxes, caused by inflation, on assets like a house, a business, or stocks. This will 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.
“Inflation is a regressive tax that harms low-income Americans, including many seniors, by making the products they depend on more expensive while reducing the value of their hard-earned money,” said Emmer. “It also forces some seniors to pay inflation-induced taxes and seniors should not be forced to pay taxes on inflation caused by the Federal Reserve. Assisting Minnesota’s seniors is a priority of mine and I am proud to introduce legislation that will help them by making our tax system more fair.”
The Association of Mature American Citizens (AMAC) has endorsed this legislation.
Congressman Tom Emmer represents Minnesota’s Sixth Congressional District and is a member of the Financial Services Committee.
The Retirement Inflation Protection Act is H.R. 6246. Click here to read the full text.