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H.R. 6 Enrolled
LONG TITLE
General Description:
This resolution of the House of Representatives urges Utah's congressional delegation to
vote for lifetime and retirement savings accounts.
Highlighted Provisions:
This resolution:
. urges the members of the United States Senate and the United States House of
Representatives representing Utah to support and vote in favor of enacting lifetime
and retirement savings accounts.
Special Clauses:
None
Be it resolved by the House of Representatives of the state of Utah:
WHEREAS, personal savings of working Americans continue to decline and are now at
dangerously low levels;
WHEREAS, personal savings of working Americans are not enough to pay for current
catastrophic expenses or supplement the modest benefits derived from Social Security;
WHEREAS, savings provide the financing of new capital investment and job creation
which, in turn, increases the standard of living for all Americans;
WHEREAS, the double taxation of savings is a disincentive for many working class
Americans to save;
WHEREAS, the complexity of current savings incentives encourages many working
class Americans not to save;
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;
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;
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 that the House of Representatives of the state
of Utah urges Utah's congressional delegation to support and vote in favor of enacting lifetime
retirement savings accounts.
BE IT FURTHER RESOLVED that copies of this resolution be sent to the members of
Utah's congressional delegation.
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