Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
Sponsors: Reps. W.D. Smith and Wilkins
Document Path: l:\council\bills\gjk\20812sd04.doc
Companion/Similar bill(s): 924
Introduced in the House on January 13, 2004
Adopted by the House on January 28, 2004
Summary: Memorialize Congress to enact legislation providing for lifetime and retirement savings accounts
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/13/2004 House Introduced HJ-99 1/13/2004 House Referred to Committee on Invitations and Memorial Resolutions HJ-99 1/20/2004 House Committee report: Favorable Invitations and Memorial Resolutions HJ-12 1/21/2004 House Debate adjourned HJ-20 1/22/2004 House Debate adjourned HJ-33 1/28/2004 House Adopted HJ-23
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
January 20, 2004
S. Printed 1/20/04--H.
Read the first time January 13, 2004.
To whom was referred a House Resolution (H. 4495) to memorialize the Congress of the United States to enact legislation to provide for lifetime and retirement, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. LEACH, SR. for Committee.
TO MEMORIALIZE THE CONGRESS OF THE UNITED STATES TO ENACT LEGISLATION TO PROVIDE FOR LIFETIME AND RETIREMENT SAVINGS ACCOUNTS.
Whereas, personal savings of working Americans continues to decline and is now at dangerously low levels; and
Whereas, personal savings of working Americans is not enough to pay for 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 seven thousand five hundred dollars 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 seven thousand five hundred dollars a year and make penalty-free withdrawals after age fifty-eight; 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:
That the members of the House of Representatives of the State of South Carolina, by this resolution, memorialize the Congress of the United States to enact legislation to provide for lifetime and retirement savings accounts.
Be it further resolved that a copy of this resolution be forwarded to the President of the United States, the President of the United States Senate, the Speaker of the United States House of Representatives, and each member of the South Carolina Congressional Delegation.
This web page was last updated on Monday, December 7, 2009 at 10:37 A.M.