[Congressional Record Volume 144, Number 20 (Wednesday, March 4, 1998)]
[House]
[Page H759]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             IRA PLAN TO ENTER SOCIAL SECURITY SWEEPSTAKES

  (Mr. SAXTON asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. SAXTON. Mr. Speaker, on February 27, 1997, I introduced with 
Majority Leader Armey a bill to expand the IRA system.
  In today's Congressional Daily, the headline is ``Kasich Enters IRA 
plan into Social Security Sweepstakes.'' This is good news. It goes on 
to say House Budget Chairman Kasich today floated a plan to use part of 
the windfall, meaning the surplus in our budget, to establish a 
government system of individual retirement accounts. This is good news.
  H.R. 891 would increase the amount that one could contribute over a 
period of years from today's maximum of $2,000 to $7,000 annually. It 
would also increase the salary threshold from today's level to 
$110,000, including all Members of the middle class. It would also 
permit withdrawals for a number of purposes, including medical expenses 
and education costs, in addition to those already permitted.
  This is a good bill. I urge all my colleagues to become cosponsors.

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