Senate Bill sb2892

    Florida Senate - 2004        (NP)                      SM 2892

    By Senator Atwater





    25-1389-04

  1                     Senate Memorial No. ____

  2         A memorial to the Congress of the United

  3         States, urging Congress to enact legislation

  4         authorizing Lifetime and Retirement Savings

  5         Accounts.

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  7         WHEREAS, personal savings of working Americans continue

  8  to decline and are now at dangerously low levels, and

  9         WHEREAS, personal savings of working Americans are not

10  enough to pay for current catastrophic expenses or to

11  supplement the modest benefits derived from Social Security,

12  and

13         WHEREAS, savings provide the financing of new capital

14  investment and job creation, which in turn, increase the

15  standard of living for all Americans, and

16         WHEREAS, double taxation of savings and the complexity

17  of current savings incentives discourage many working

18  Americans from saving money, and

19         WHEREAS, enactment of legislation authorizing Lifetime

20  Savings Accounts will allow Americans to contribute up to

21  $7,500 a year and make penalty-free withdrawals at any time

22  for any purpose, and

23         WHEREAS, enactment of legislation authorizing

24  Retirement Savings Accounts will allow Americans to contribute

25  up to $7,500 a year and make penalty-free withdrawals after

26  age 58, and

27         WHEREAS, enactment of legislation authorizing Lifetime

28  and Retirement Savings Accounts will eliminate the double

29  taxation of savings and simplify existing savings programs to

30  increase participation, and

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    Florida Senate - 2004        (NP)                      SM 2892
    25-1389-04




 1         WHEREAS, eliminating the double taxation of savings and

 2  simplifying current incentives will boost savings for all

 3  Americans and enhance the economic security of working

 4  families, NOW, THEREFORE,

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 6  Be It Resolved by the Legislature of the State of Florida:

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 8         That the Congress of the United States is requested to

 9  support and vote to enact legislation authorizing Lifetime and

10  Retirement Savings Accounts.

11         BE IT FURTHER RESOLVED that copies of this memorial be

12  dispatched to the President of the United States, to the

13  President of the United States Senate, to the Speaker of the

14  United States House of Representatives, and to each member of

15  the Florida delegation to the United States Congress.

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CODING: Words stricken are deletions; words underlined are additions.