Gottheimer announces bill to help cut taxes for senior citizens

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Rep. Josh Gottheimer wants to ease the tax burden on senior citizens in New Jersey.

The Democratic congressman announced Monday a bill that would help cut taxes for seniors.

The Senior Housing IRA Act of 2020 would allow senior citizens to avoid capital gain taxes when selling their home. That money would be put into their retirement funds instead.

Gottheimer says that the legislation would help the state’s older residents save money and would keep them in New Jersey.

"I think we need to do everything we possibly can to cut taxes and make living more affordable for our families,” Gottheimer said. "This extra boost toward retirement would help seniors who want to downsize once their kids are out of the house and help them afford to stay in New Jersey instead of packing up and moving elsewhere."

New Jersey pays the third highest taxes in the nation, according to the Tax Foundation.

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