Mike Levin: “I wanted to join the debate because it is an important debate. Pension reform and expansion are clearly necessary. There…”

“I wanted to join the debate because it is an important debate. Pension reform and expansion are clearly necessary. There are some very strong provisions in this bill, and I think we all appreciate the work of the chief sponsors of this. I do, though, want to very much rise in support of the amendment of the gentleman from Massachusetts (Mr. Neal) and address the underlying reasons for it and to respond to some of the criticisms. We all agree the savings rate needs to be increased, and I hope we all agree that we want more and more people into this effort. Two-thirds of the cost of this bill are the IRA expansion. Two-thirds. I asked the Joint Tax Committee to put together an analysis of the impact of this, and they did not have it before; but they have now provided it. Essentially what they show is that two-thirds, two-thirds, of the benefit would go to families making $75,000 or more. So, essentially, we have a bill two-thirds of it IRAs and two-thirds of the benefit going to families with incomes of $75,000 and more. Almost half would go to families with incomes of $100,000 or more. And those are not all rich people. Many of these families, $75,000 or $100,000, they are hard working. In most cases both husband and wife are working, and they are earning their income. They are not just clipping coupons. But, look, that is the fact; that most of the benefit of most of the cost of this would go to families making $75,000 and more.”