House Resolution 56

A RESOLUTION REQUESTING THAT THE CONGRESSIONAL DELEGATION OF THE STATE OF MISSISSIPPI 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 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 provide 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 $7,500.00 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 $7,500.00 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 STATE OF MISSISSIPPI, That the House of Representatives requests our elected representatives and senators in the United States Congress to support and vote to enact lifetime and retirement savings accounts.

BE IT FURTHER RESOLVED, That copies of this resolution be furnished to Mississippi's Congressional Delegation and to the members of the Capitol Press Corps.