[Congressional Record (Bound Edition), Volume 153 (2007), Part 23]
[Extensions of Remarks]
[Page 32116]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        FAIR TAXES FOR SENIORS!

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                            HON. BOB FILNER

                             of california

                    in the house of representatives

                       Tuesday, December 4, 2007

  Mr. FILNER. Madam Speaker, I would like to call to your attention 
H.R. 4254, the Fair Taxes for Seniors Act, a bill I have just 
introduced that would provide financial relief to our Nation's senior 
citizens.
  The Fair Taxes for Seniors Act would provide a one-time increase in 
the capital gains tax exemption on the sale of a home for citizens who 
are 50 or older. While home prices have decreased from their all-time 
high, the tax burden is still there for senior citizens who have lived 
in their home for many years. Passing this bill would give many seniors 
the additional money they need for nursing home care, medical costs, 
and other retirement expenses.
  The current capital gains tax exemption works well for younger people 
who often move from job to job, selling their homes. The current 
exemption works well for people who live in areas where housing prices 
are below average. But it is not working for individuals who have lived 
in one home for 20 to 50 years and have a capital gain that is much 
larger than the present exemption. In other words, it is not working 
for seniors who live in areas with higher housing prices who end up 
paying thousands in capital gains taxes.
  My bill would provide a one-time increase to $500,000 for a single 
person and $1 million for a couple in the amount that can be excluded 
from the sale of a principal residence for taxpayers who have reached 
the age of 50. Let us help our citizens over age 50 who have lived in 
one home for many years and who need the proceeds from the sale of 
their home for retirement and health care costs. 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 urge my colleagues to support this bill.

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