Rep. Gottheimer Announces Bipartisan Bill to Cut Taxes, Help Jersey Families Save for Retirement, Help Seniors Stay in North Jersey
The Senior Housing Improvement and Retirement Accounts (IRA) Act will help Americans save for retirement and encourage increased savings by:
Reducing the taxes paid from the sale of a home and
Allowing seniors who sell their principal residence to avoid paying the capital gains tax on the proceeds from that sale if the proceeds are saved in a Roth IRA -- for retirement.
"Right now, if you sell your home to downsize, you're stuck paying taxes on any gains you've had on the house over the years. So, if you bought it for
Gottheimer is introducing this bipartisan legislation with Republican Congressman, and fellow
Gottheimer made today's announcement in the Borough of
Gottheimer was joined today by Assemblywoman
Gottheimer's full remarks as prepared for delivery are below.
Like so many of our northern
To anyone looking to raise a family,
But, as incredible as the Garden State is, I think we can all agree that, because of the cost of owning a home, it's simply becoming too expensive to live here. This is especially true for our seniors living on a fixed income, and it got even worse after the Red States stuck it to us and blocked how much of our property and state taxes we could deduct.
I want to do everything we can to help seniors retire and stay in
I think we need to do everything we can to cut taxes and make living here more affordable for our families. In
Combine that with the high cost of commuting and health care, and too many families are being forced out of the state as soon as their children graduate high school.
In fact, for the second consecutive year, more residents moved out of
But despite these statistics, what I hear day in and day out from my constituents is that they want to stay in
We all know that a home can be one of the most important assets a family has; it's often the place where we have made our greatest investments over the years. Right now, if you sell your home to downsize, you're stuck paying taxes on any gains you've had on the house over the years. So, if you bought it for
For some reason, the
We should be encouraging those who have helped make our Jersey communities great to stay here. We shouldn't be slapping seniors with outrageous taxes for trying to downsize their homes, making it even less affordable to live here. We need to do everything we can to cut their taxes and help them afford retirement.
The bipartisan legislation I'm introducing with my fellow
The Senior Housing IRA Act is a once in a lifetime credit for these seniors to use; allowing for a one-time exemption of the current Roth IRA contribution limits of
Imagine being able to jump-start your retirement by
For our seniors, this is a bipartisan bill to thank them for raising their families here, for growing their businesses here, for doing so much for our communities, churches, and temples, and for paying all of those property, state, and local taxes here over the years.
The Senior Housing IRA Act will help seniors in retirement by reducing the taxes paid from the sale of their home and helping put those dollars into their retirement savings.
This bipartisan legislation is exactly what so many of our seniors need to afford to stay here in their golden years, spending time with their families, listening to
View an overview of the Senior Housing IRA Act here (https://gottheimer.house.gov/uploadedfiles/senior_housing_ira_act_of_2020_one-pager.pdf).
Watch today's announcement here (https://www.facebook.com/RepJoshG/videos/168463391078455/).
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