HOUSE OF REPRESENTATIVES |
H.R. NO. |
12 |
TWENTY-SECOND LEGISLATURE, 2004 |
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STATE OF HAWAII |
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requesting that the congressional delegation of the state of hawaii work to pass lifetime and retirement savings accounts.
WHEREAS, personal savings of working Americans continues to decline and is now at dangerously low levels; and
WHEREAS, personal saving of working Americans is not enough to pay current catastrophic expenses or supplement the modest benefits derived from Social Security; and
WHEREAS, savings provides the financing of new capital investment and job creation, which in turn, increases the standard of living for all Americans; and
WHEREAS, double taxation of savings and complexity of current savings incentives are so complex, many working Americans are not participating; and
WHEREAS, enactment of lifetime savings accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals at any time for any purpose; and
WHEREAS, enactment of retirement savings accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals after age 58; and
WHEREAS, enactment of lifetime and retirement savings accounts will eliminate the double taxation of savings and simplify existing savings programs to increase participation; and
WHEREAS, eliminating the double taxation of savings and simplifying current incentives will boost savings for all Americans and enhance the economic security of working families; now, therefore,
BE IT RESOLVED by the House of Representatives of the Twenty-second Legislature of the State of Hawaii, Regular Session of 2004, the Senate concurring, that the House of Representatives of the State of Hawaii requests the Congressional delegation of the State of Hawaii to support and vote to enact lifetime and retirement savings accounts; and
BE IT FURTHER RESOLVED that certified copies of this Resolution be transmitted to each member of Hawaii's Congressional delegation.
OFFERED BY: |
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Report Title:
Lifetime & retirement savings accounts; support