NYC Gazette

Washington DC - Congressman George Santos (NY03) introduced H.R. 2637, which seeks to amend the Internal Revenue Code of 1986 to waive the early withdrawal penalty on certain distributions from qualified retirement plans.

“The cost of living has become overwhelmingly cumbersome for so many hardworking Americans. With record high inflation draining savings accounts and delaying retirement, Americans seeking to withdraw prematurely from their retirement plans should be able to catch a financial break without facing any penalty,” said Rep Santos. “The Biden Administration is already punishing hardworking Americans with high energy costs, high inflation, skyrocketing taxes, and a recklessly unbalanced budget. My bill is part of a series that I have introduced throughout my time in office to lessen financial hardships.” 

About H.R. 3637

• The legislation will amend the Internal Revenue Code of 1986 to waive the early withdrawal penalty and tax on certain distributions from qualified retirement plans. 
• This only applies to U.S. citizens and is capped at a withdrawal amount of $10,000 and is assessable every 5 years.
• The bill only impacts distributions made after enactment of this Act.

Original source can be found here.