[Congressional Record Volume 140, Number 79 (Tuesday, June 21, 1994)]
[House]
[Page H]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: June 21, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]


                              {time}  1240
 
                           GENDER EQUITY BILL

  (Mr. HUTCHINSON asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. HUTCHINSON. Mr. Speaker, it has often been observed that our Tax 
Code is antifamily. One of the clearest examples is in the treatment of 
IRA's.
  A two-wage earner household is eligible for IRA deductions of 
$4,000--however if one spouse stays at home, the couple is eligible for 
only $2,250.
  Such a tax policy says that a mom who opts to stay at home and care 
for her young children is less valuable than the mom in the 
marketplace.
  This situation can be corrected by passing the bipartisan IRA Equity 
Act.
  This bill will encourage savings, ensure equity, and establish 
greater security and independence for women whose careers may be 
interrupted by child rearing and homemaking. The homemaker should not 
be treated like a second-class citizen.
  If we are to recognize the importance of family values, we must start 
acknowledging the contributions of those spouses who elect not to work 
outside of the home. They, too, must be able to plan for their own 
retirement. For this reason, I urge my colleagues to co-sponsor H.R. 
3523, the IRA Equity Act.

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