Joel Hefley: “I am opposed to the Substitute Amendment. Americans should be allowed to prepare for their own retirement and should be…”

“I am opposed to the Substitute Amendment. Americans should be allowed to prepare for their own retirement and should be encouraged to do so. The national savings rate is at an all time low. We must improve our retirement plans so that Americans may take full advantage of the opportunities that they provide. H.R. 10 expands and strengthens our nation's private retirement savings system, making it easier for Americans to save. The Substitute only creates a costly new entitlement program. The Substitute Amendment adds three new tax credits to H.R. 10, which only complicate the Tax Code. A new refundable tax credit for savers, as proposed in the Substitute, would be difficult to monitor. Also, the Substitute includes new Small Business Tax Credits. Employers could only claim these credits for three years, reducing their value as incentives to start and maintain plans. H.R. 10 already helps small businesses by reducing administrative burdens. H.R. 10 simplifies the administrative rules that apply to retirement plans. The Substitute Amendment only complicates the rules. H.R. 10 encourages individual retirement savings by providing greater pension simplification and increased savings opportunities. For these reasons and more, I encourage my colleagues to support H.R. 10 and oppose this Amendment.”