Mark Dayton: “I was doing some mathematics here. Someone had holdings of $50,000 in…”

On the recordOctober 16, 2002

I was doing some mathematics here. Someone had holdings of $50,000 in January of 2001, and those holdings are now worth only $32,500; $17,500 of that would be lost. Does the Senate recall the tax package which I opposed as being skewed unfairly to the rich and giving a few hundred dollars in rebates to the average taxpayer? I was thinking to myself: Whatever that amount is, to lose $17,500 out of a $50,000 retirement savings in a 401(k) or an IRA, it seems to me, is a pretty bad economic deal for most Americans.

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Mark Dayton

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govinfo.gov

Editor's note · Context

Discussing the impact of the stock market decline on retirement savings and tax policy.

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Mark Dayton: “I was doing some mathematics here. Someone had holdings of $50,000 in January of 2001, and those holdings are now worth…”

Editor's note · Context