The U.S. House of Representatives has introduced the Retirement Security Needs Lifetime Pay Act, designed to encourage Americans to invest lifetime income annuities through tax breaks.

The bill, introduced by Reps. Earl Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.), would exclude half the taxes on the income from a non-qualified annuity, up to $10,000 a year. It would also exclude taxes on 25% of income payments from Individual Retirement Accounts and qualified retirement plans other than defined benefit plans.

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