South Carolina General Assembly
115th Session, 2003-2004

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Bill 924

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COMMITTEE REPORT

May 12, 2004

S. 924

Introduced by Senator Hawkins

S. Printed 5/12/04--H.

Read the first time March 9, 2004.

            

THE COMMITTEE ON

INVITATIONS AND MEMORIAL RESOLUTIONS

To whom was referred a Concurrent Resolution (S. 924) to request that the congressional delegation of the state of South Carolina work to pass lifetime and retirement, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. LEACH, SR. for Committee.

            

A CONCURRENT RESOLUTION

TO REQUEST THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF SOUTH CAROLINA WORK TO PASS LIFETIME AND RETIREMENT SAVINGS ACCOUNTS.

Whereas, personal savings of working Americans continue to decline and are 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 $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 Senate, the House of Representatives concurring:

That the members of the South Carolina General Assembly request that our elected representatives and senators in the United States Congress support and vote to enact Lifetime and Retirement Savings Accounts.

Be it further resolved that a copy of this resolution be forwarded to the South Carolina Congressional Delegation.

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