Kenny Hulshof: “What is interesting about our Tax Code is it really does punish those who wish to save and invest. There are so many…”

“What is interesting about our Tax Code is it really does punish those who wish to save and invest. There are so many other nations that have a higher savings rate than the United States of America because we have built into our code, in fact, I am so familiar again with my 1040, having just spent so much time with it, line 8 of your 1040 says what was your interest income, put that here, because we are going to tax it. A lot of nations do not do that. So we have tried in various ways to help American families, especially as they look way down the road at retirement. We have a vexing problem ahead of us as far as the baby boomers retiring and the future solvency of Social Security. That is an issue for another day. But what we have done over the course of Congress, since 1997, as the gentleman recalls the significant tax relief that we passed back in 1997, that was actually signed into law by then President Clinton, we created some additional savings vehicles and tried to expand the opportunities for families to put money aside in 401(k) plans, or, as the gentleman knows, really a pet issue of mine, to help parents save for their childrens' education.”