Jim Saxton: “On February 27, 1997, I introduced with Majority Leader Armey a bill…”

On the recordMarch 4, 1998

On February 27, 1997, I introduced with Majority Leader Armey a bill to expand the IRA system. In today's Congressional Daily, the headline is ``Kasich Enters IRA plan into Social Security Sweepstakes.'' This is good news. It goes on to say House Budget Chairman Kasich today floated a plan to use part of the windfall, meaning the surplus in our budget, to establish a government system of individual retirement accounts. This is good news. H.R. 891 would increase the amount that one could contribute over a period of years from today's maximum of $2,000 to $7,000 annually. It would also increase the salary threshold from today's level to $110,000, including all Members of the middle class. It would also permit withdrawals for a number of purposes, including medical expenses and education costs, in addition to those already permitted. This is a good bill. I urge all my colleagues to become cosponsors.

Said by

Jim Saxton

Source

govinfo.gov

Editor's note · Context

Discussing a bill to expand the IRA system and its benefits during a House floor speech.

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Jim Saxton: “On February 27, 1997, I introduced with Majority Leader Armey a bill to expand the IRA system. In today's Congressional…”

Editor's note · Context