[Congressional Record Volume 155, Number 17 (Wednesday, January 28, 2009)]
[Extensions of Remarks]
[Page E165]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         FAIR TAXES FOR SENIORS

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                            HON. BOB FILNER

                             of california

                    in the house of representatives

                      Wednesday, January 28, 2009

  Mr. FILNER. Madam Speaker, I recently re-introduced my bill, the 
``Fair Taxes for Seniors Act'' (H.R. 674), which will provide a one-
time increase in the capital gains tax exemption on the sale of a home 
for citizens who are 50 years of age or older. Passing this bill will 
give many seniors the additional money they need for nursing home care, 
medical costs, and other retirement expenses.
  The Fair Taxes for Seniors Act doubles the current exemption by 
providing a one-time increase to $500,000 for a single person and $1 
million for a couple that can be excluded from the sale of a principal 
residence for taxpayers who have reached the age of 50. Because they 
will be able to keep more, an added benefit is that family members and 
perhaps the government will be relieved of the burden of caring for 
these individuals as they grow older.
  I hope that my colleagues will join me in co-sponsoring this 
important legislation.

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