8584 -- Retirement Inflation Protection Act of 2020 | Poliscope

Retirement Inflation Protection Act of 2020

8584

116th Congress

Taxation

In Committee

Legislative Progress

✓

Introduced

Committee

Floor Vote

Other Chamber

Enacted

Introduced

October 13, 2020

Latest Action

October 13, 2020

Primary Sponsor

Tom EmmerRepublican(MN)

Momentum (last 30 days)

score

0 actions · 0 new cosponsors · 0 votes

Speed vs cohort

0pct

0d open

vs 9,062 other HR bills in the 116th — cohort avg 39d

Summary

Retirement Inflation Protection Act of 2020 This bill allows the adjusted basis of certain assets, including C corporation common stock and tangible property used in a trade or business, to be adjusted for inflation solely for the purpose of determining the gain or loss of individuals who (1) have held such assets for more than 3 years, and (2) have attained the age of 59 1/2 as of the date of the sale or other disposition of the assets. The bill uses the Chained Consumer Price Index for All Urban Consumers (C-CPI-U) for purposes of making the inflation adjustment. The bill sets forth rules for applying the inflation adjustment to short sales, dispositions between related persons, and improvements to property. The Internal Revenue Service may disallow an adjustment if any person transfers cash, debt, or any other property to another person for the principal purpose of securing or increasing an inflation adjustment.

Lobbying filings that explicitly cite this bill (1)

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Filing registrants (1)

SCHOENING STRATEGIES (1)

AMAC ACTIONclient→SCHOENING STRATEGIES

2020 · fourth_quarter · Retirement

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Cited source text, amounts, lobbyists, and targets

Proposed changes to lengthen the solvency of social security Proposed creation of a new retirement savings program provided by employers to increase savings for retirement H.R. 3971 - Senior Citizens Tax Elimination Act - This bill amends the Internal Revenue Code to repeal the inclusion of any Social Security or tier I railroad retirement benefits in gross income for income tax purposes. H.R. 5576 - Double Dip Elimination Act - Would responsibly address individuals inappropriately receiving benefits twice: from the Social Security Disability Insurance program (SSDI), and from the Unemployment Insurance program (UI). H.R. 5577 - No Social Security for Illegal Aliens Act of 2020 - According to the language of this bill, unauthorized work performed by illegal aliens in the U.S. would not constitute coverage by Social Security, prohibiting them from receiving benefits later in life. H.R. 3934 - Equal Treatment of Public Servants Act of 2019 - To amend title II of the Social Security Act to replace the windfall elimination provision with a formula equalizing benefits for certain individuals with noncovered employment, and for other purposes. H.R. 4854 - Making DI Work For All Americans Act of 2019 - This bill modernizes the Social Security Disability Insurance (SSDI) trust fund S. 2016 - Social Security Disability Insurance Return to Work Act of 2019 - This bill would help Social Security Disability Insurance beneficiaries who can recover return to work, while also preserving the program's long-term sustainability for the permanently disabled. H.R. 7016 - Fairness for Early Withdrawers Act - Ensures seniors would be able to rollover their RMD past the 60-day limit under current law for distributions made in 2020 Retirement Inflation Protection Act of 2016 - Indexes retirement savings to inflation to reduce capital gains taxes on ghost earnings H.R. 8584 - index for inflation all capital gains taxes paid by retirees