[Congressional Record (Bound Edition), Volume 150 (2004), Part 5]
[House]
[Page 5753]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       LIFETIME SAVINGS ACCOUNTS

  (Mr. SAM JOHNSON of Texas asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. SAM JOHNSON of Texas. Mr. Speaker, only in America is a penny 
saved a penny taxed. Perhaps that is why we have single-digit savings 
rates in this country. That is just wrong.
  To get America back on the road to savings, today Senator Craig 
Thomas of Wyoming and I will introduce legislation to create lifetime 
savings accounts.
  In a lifetime savings account, people could save up to $5,000 a year 
free from tax on interest earned. Money could be spent for any reason, 
with no minimum holding period. One could spend this money for a new 
transmission, school, kids' braces, home improvements, rainy day, or 
any of their needs, wants, and dreams. You name it. The point is, 
people will not be taxed for saving.
  I am honored to say that Deputy Secretary of the Treasury Bodman will 
join us at the press conference to share the administration's support 
of this new proposal. We will be working as a team to help get America 
saving again, tax-free.

                          ____________________