[Congressional Record Volume 157, Number 9 (Monday, January 24, 2011)]
[Extensions of Remarks]
[Page E97]
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

                        Monday, January 24, 2011

  Mr. FILNER. Mr. Speaker, I recently introduced the Fair Taxes for 
Seniors Act (H.R. 331), 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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