Joe Pitts: “Retirement is something every American needs to prepare for, but with the prices of everything from college educations…”

“Retirement is something every American needs to prepare for, but with the prices of everything from college educations to gasoline as high as they are, putting away money is difficult for many Americans. It is not made any easier by a government that takes about 40 percent away in taxes. This week, the House is going to vote on a bill to make retirement easier for working Americans. We are going to increase IRA contribution limits from $2,000 a year to $5,000. We are going to increase the limit on 401(k) contributions to $15,000. And we are going to allow people close to retirement an additional $5,000 in catch-up contributions to their 401(k)'s. Helping people keep more of their own money so they can invest it and retire comfortably is a cause every Member of this body should support. We have not increased IRA limits in 20 years. This legislation is long overdue. Yes, Republicans passed this legislation before; but this time we have a President who will sign the bill. This time it will become law. I thank the President for joining us in doing the right thing.”