[Congressional Record Volume 140, Number 120 (Sunday, August 21, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


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

 
 REQUESTING COSPONSORS FOR H.R. 5006, LEGISLATION RESTORING THE SUPER 
                                  IRA

  (Mr. PICKLE asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PICKLE. Mr. Speaker, Congressman Bill Thomas of California and I 
have introduced the new Super IRA bill. A similar bill has been 
introduced in the other body with approximately 60 cosponsors, and now 
some 60 Members of the House are cosponsoring our legislation.
  The individual retirement account is a savings incentive, very 
popular with a broad cross section of Americans. However, the 1986 Tax 
Reform Act made changes that by pared back deductibility of IRA 
contributions. Frankly, we put an attractive and successful retirement 
vehicle into premature retirement.
  Destroying the IRA could not have come at a worse time. Our national 
saving rate--a paltry 4 percent--continues to decline as our foreign 
competitors increase their national savings. In fact, Federal Reserve 
Chairman Greenspan has characterized our national savings crisis as the 
key domestic policy problem of this country.
  We must come to grips with this problem and take aggressive action. 
We must get all Americans involved in the effort by providing 
incentives for them to increase their individual savings. With that 
important priority in mind, Congressman Bill Thomas and I, and others, 
have introduced H.R. 5006 to restore the universal availability of the 
fully deductible IRA.
  In addition, the bill will improve on the traditional IRA by allowing 
individuals to choose between tax deductible IRA's or contributions to 
new IRA's from which earnings would not be taxed when they are 
withdrawn. This Super IRA legislation will not only encourage savings 
for retirement, but it also will encourage savings for two of the 
biggest investments that people have to make in their lifetimes--their 
children's education and their homes. We would no longer penalize IRA 
withdrawals for these purposes.
  We would also correct the current situation in which a tax penalty is 
imposed on people who are forced to pay for costly medical expenses. 
Finally, the Pickle-Thomas Super IRA permits spouses who work at home 
to have their own fully deductible IRA.
  Mr. Speaker, this legislation is similar to that which some 286 
Members--an overwhelming, bipartisan majority--cosponsored in the last 
Congress. A version as included in H.R. 11 which was vetoed for 
unrelated reasons.
  Mr. Speaker, this is one of the few policy options that we can take 
that help Americans across all socioeconomic, geographic and cultural 
lines. Let us move quickly on doing something good for America by 
passing the Pickle-Thomas Super IRA.
  I urge Members to let us know if they would like to be listed as a 
cosponsor.

                          ____________________