Mr. Speaker, pursuant to House Resolution 1084, I call up the bill (H.R. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes, and ask for its immediate consideration. Mr.…
Mr. Speaker, pursuant to House Resolution 1084, I call up the bill (H.R. 6757) to amend the Internal Revenue Code of 1986 to encourage retirement and family savings, and for other purposes, and ask for its immediate consideration.
Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on H.R. 6757, currently under consideration.
Mr. Speaker, I yield myself such time as I may consume and thank leadership for bringing this bill to the floor.
Mr. Speaker, today, I rise in support of H.R. 6757, the Family Savings Act, which will make it easier for American families and individuals to save for their future, whether it is retirement, education, or healthcare, helping them to make sure that they are keeping more of their hard-earned income, more of their own money, and planning for their future.
This bill will also help local businesses provide retirement plans to their workers and help workers participate more in all those plans.
Now, according to the Department of Labor and the Federal Reserve, about 69 million American workers have formal retirement plans, which, together, have almost $14 trillion in savings for them.
This bill will incentivize hardworking American taxpayers to continue to put away more of their own money for their future.
One of the things I remember so clearly from growing up is my parents talking to us all the time and saying: The one thing we never want to be for you kids is a burden. We never want to be a hardship for you as we go into our senior years.
I thought to myself at that time: How could anybody look across the table at people who had worked so hard, had come through the Great Depression, had come through World War II, had come through the Korean war, had gone through all kinds of difficulties and had always provided for us and think that? How in the world could they ever think that they would be a burden to me or to my brothers and sisters?
It was unimaginable for me, but that is what they thought. That is what they worried about. They never wanted to be a burden to anybody.
Just think about that for a minute. That generation, often described as the Greatest Generation, was telling us, the next generation, that they never wanted to be a burden.
What we are talking about today is relieving the burden on the next generation by making it easier for people to go into their retirement feeling that they have enough income to actually enjoy their golden years.
H.R. 6757 would allow for every American worker, at all income levels, to save money in universal savings accounts, in which those earnings would be tax-free and could be taken out at any time without a penalty. How unique to be able to take your own money out and use it without being penalized by the Federal Government.
It would also allow Americans to use their 529 plans to pay for costs associated with home schooling, apprenticeships, just like they now can for primary and secondary schools thanks to the Tax Cuts and Jobs Act.
And if one sibling has more money in a 529 account than he or she needs, another sibling can use some of that money to help pay down their student loans.
This bill would allow younger taxpayers to take out some of their own money in their retirement account without penalty when they have a new baby or have an opportunity to adopt a child. This way, younger Americans will feel secure in starting to save for their retirement, knowing that the money could still be there for them at one of the most expensive times in their lives.
H.R. 6757 would also make it easier for small employers to pull together and offer retirement plans to their team, to the folks they work with, their associates. This would help bridge that divide between what benefits large employers might be able to offer to their employees but smaller employers may only wish to be able to do but really can't.
The bill also allows for older Americans to continue saving in their IRAs if they choose to continue working in their later years, and it allows them to keep their own money in their IRAs if those accounts are relatively modest.
For those workers who want their savings accounts to be in conservative investments, such as annuities, this bill reduces the cost of doing that.
Finally, this bill would also help our brave men and women in the Reserves put away more of their retirement by letting them contribute the maximum amount to their military retirement accounts while also contributing to a retirement account from the private sector.
Mr. Speaker, let me tell you why we are really here today. We are really here today because of the overwhelming success of the Tax Cuts and Jobs Act. It has worked. It is incredible, the growth in our economy.
The number one priority from the beginning of everything we did was about pro-growth legislation that actually made it easier on hardworking American families. You know what, despite what you may hear and the rattle from the other side, it worked, and it is working every day. We can see it in every measurable event of what is happening in America.
Thanks to tax reform, middle-income families in western Pennsylvania and across America are seeing bigger paychecks, more take-home money. How
odd that we allow them to keep more of their own money. That is just who we are as Americans.
Democrats have chosen to distort this success. Republicans are choosing to secure the success by making the tax cuts for middle-income families permanent. We keep hearing: Yeah, yeah, but you are not really taking care of them.
The idea that we use identity politics every day in every way in this House is absolutely deplorable. Tax reform 2.0 is all about that. The truth of the Tax Cuts and Jobs Act is its success.
The saddest part of it all is not one of our Democratic colleagues voted for it. For that, they will continue to distort the future and use identity politics.
Mr. Speaker, I think we have other people who want to talk on this, but for now, I reserve the balance of my time.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, I remind my friends on the other side that a rising tide lifts all boats. There happens to be 6.9 million jobs now looking for somebody to fill them.
And when we talk about going into retirement, could we please stop trying to divide, divide, divide America? Could we please start being the United States of America instead of the divided States of America?
Every single American benefits from the Tax Cuts and Jobs Act. That is the fact. I am sorry you didn't sign on for it. We are going to give you a second chance today to show your true colors, which needs to red, white, and blue, not just blue.
Mr. Speaker, I yield 3 minutes to the gentleman from Ohio (Mr. Renacci).
Mr. Speaker, I yield 3 minutes to the gentleman from Ohio (Mr. Wenstrup).
Mr. Speaker, I share my colleague's concerns over the debt. In fact, I started to really become alarmed with it under the Obama administration when we went from being $10.6 trillion in debt to nearly $20 trillion in debt. I just wonder, where were you when this was going on? And why was there not any alarm sounding then?
But again, it is just politics masquerading as fiscal discipline.
Mr. Speaker, I yield 3 minutes to the gentleman from Kansas (Mr. Estes), a good friend of mine.
Mr. Speaker, I yield 3 minutes the gentleman from Texas (Mr. Brady), chairman of the Ways and Means Committee, the hero of the Tax Cuts and Jobs Act.
Mr. Speaker, I yield an additional 1 minute to the gentleman.
Mr. Speaker, I yield myself such time as I may consume to engage in a colloquy with the chairman.
Mr. Speaker, one topic that has been discussed in the context of the savings and retirement bill is the level of premiums paid to the Pension Benefit Guaranty Corporation, the PBGC, by rural electric co- ops and by charitable organizations.
I know the Ways and Means Committee included a study that was intended to provide information relevant to the proper level of PBGC premiums. That study was removed by the manager's amendment.
Could the chairman provide some insights about how this issue will be resolved as we move forward?
I yield to the gentleman from Texas.
Mr. Speaker, I thank the chairman, as always, for his insights and his clarity, and I reserve the balance of my time.
Mr. Speaker, I yield myself the balance of my time.
I include in the Record a letter from AARP in strong support of H.R. 6757.
Mr. Speaker, it is interesting to be here in the people's House on the floor hearing two differing views of America. I really appreciate about putting the jam on the lower shelf. We have actually put it on the table with the lid off so that every single American has benefited.
I know that sometimes we look at things, and people are entitled to their own opinion, but what they are not entitled to are their own facts. The fact is that, under the Tax Cuts and Jobs Act, every single American has benefited.
This is not just about Democrats and Republicans; this is about Americans. I am hoping that Americans are watching what is going on here right now, where the game plan is always: If we can divide them, we can win. If we don't have any facts, let's just come up with anything and throw it out there and think that maybe the way we use the Gruber effect in the healthcare plan, we are going to rely on Americans not to really look beyond what is going on.
Well, I will tell you what. In every segment of our society right now, we are seeing the lowest unemployment in
history. It doesn't matter if these are hyphenated Americans--I don't know why we have to be this way, because I look at people as being red, white, and blue Americans, not White, not Black, not tan, not yellow. I am talking about red, white, and blue Americans, the same people who provide every single penny to run this marvelous government of ours.
And now what we are proposing today is to allow these same hardworking people the opportunity not to have to rely on a government program, but to be able to rely on their own hard-earned savings. What an incredible, unusual idea to come out of this House.
Look, we know that it is absolutely crucial that, as more and more Americans enter their golden years, they have the security and peace of mind to enjoy those years and not have to worry about whether they have saved enough money. We should be doing everything we can to help them save more of their hard-earned money--it is their own money, by the way--for themselves and for their families. H.R. 6757 does that by giving every single American the tools that he or she needs to help them save for their future and to save for their retirement.
I have heard today the tax sham. I have heard today about growing deficits. I have heard today about the rich, the elite, the people who have private boats, and the people who have jets. But what I haven't heard today is how this incredible piece of legislation, the Tax Cuts and Jobs Act, has increased and how our economy has taken off.
Now, you can say anything you want, and I understand why you are upset. Not one of you could vote for this. So if you couldn't vote for it and you couldn't be part of the team that won, what you have to be now is the team that says: Do you know what? We could have done it better.
My question is: Where the heck were you in the previous administration? Where were you in all those years when the debt grew from $10 trillion to $20 trillion?
Now, all of a sudden, the light comes on: Oh, my God, the debt is increasing. It is these doggone Republicans. Do you know what they are trying to do? They want hardworking American taxpayers to be able to keep more of their own money. That is just not the way Washington works.
I thank God every day that I didn't start off as a local politician, then move into a county position, then move into a State position, and then wander into D.C. using that same philosophy that we are going to put this on the backs of our taxpayers. We never tell these people that the hand they feel in their back pocket is the government taking their wallet out. Then we decry this fact that: Oh, my goodness, how could we ignore the debt?
Thanks for waking up. Where were you when it was $10 trillion? Why did you let it get to $20 trillion before the bells went off?
Look, there is so much in this bill that just makes sense. This bill was not crafted for Democrats. It wasn't crafted for Republicans. It was crafted for Americans, hardworking Americans, who put all their life into a job, who look forward to retirement. We are giving them that opportunity not to rely on some government program that may or may not be there when they reach retirement.
We are telling them: Do you know what? You get to keep more of your own money now. You get to put it away in a lot of pretax opportunities. You get to know that you can draw down on some of that money without being heavily taxed for needing it.
And while we decry all these inequities, and when we continue to divide Americans and say, ``It is always about the rich; it is always about the elite; it is all about those who have more than you do,'' that is not what it is about. It is about helping every American get to retirement.
Good Lord, how did we get to this position? How did we get to this point in America's history that we will pick and choose and we will decry anybody who has been successful and always label them as the rich, the elite, these horrible, horrible people who have done so much with their life. They just don't deserve that.
Well, do you know what? This is America. There are more stories in this country and throughout our history of people who started with absolutely nothing but an opportunity, an equal opportunity, not guaranteed an equal outcome, but guaranteed an equal opportunity.
What we are doing today is guaranteeing for every hardworking American out there that they can put more of their own hard-earned money into a retirement plan that serves them.
Now, every time we come on this floor, I hear this: divide, divide, divide. We can't possibly be the America that 1.4 million of our fellow citizens died to protect. No, no, no. This is not about America's future. This is about midterm elections. We are more worried about getting reelected than changing the direction of this country.
I would ask my colleagues on the other side, look, I know you are sorry you didn't vote for the Tax Cuts and Jobs Act. That is why you throw it down all the time and say this is horrible. What did happen is that we are giving you another chance to hop on this train.
I have only been here 8 years, but I will tell you what. I have heard enough in 8 years, coming from the private sector where you have to make it on your own every single day. You have to make payroll. You have to put food on the table and a roof over the heads of your children.
I don't want a government program that does that for me. I want a government program that allows me to save my own money, take less of my hard-earned money and allow me to save for my wife, for my kids, for my grandchildren, and for my great-grandchildren.
That is what this is all about today, Mr. Speaker. It is plain and simple.
One group thinks that the whole idea of government is to make each and every citizen rely on them and depend on them for their very existence. We are offering a chance for every single American--I don't care where they are from, I don't care the color of their skin, the shape of their eyes, or how they vote. What I do care about is that they can go into their retirement knowing that their hard-earned money over the years is going to be accessible to them.
That is what this is all about. I am hoping America is watching.
I will go back to what I said in the beginning. I remember very clearly my mom and my dad sitting there and saying: The one thing we pray for is that we are never a burden for you and your brothers and your sisters.
And I will repeat what I said today. I could not believe that the people who raised me, who fed me, who clothed me, who gave me a future, thought that somehow they would ever be a burden to me, my brothers, or my sisters. The one thing I know that they were sure of: They could save on their own, and they could get ready for their future and for their retirement years.
That is all we are trying to do today. We are trying to make sure that every single hardworking American gets to keep more of his or her money for their own retirement without the government taking advantage of them.
Mr. Speaker, I have no further speakers, but I do still have the passion to bring this forward, and I have the passion and I have the belief that, if you can get beyond politics and talk about people, that you can come to a conclusion that this is a solid bill that helps our fellow Americans go into their retirement.
I know that is in your heart. I know you can't speak it sometimes because we are so polarized. Isn't that a shame?
But I will say this. Today we have the opportunity, and what you can show it on--there will be a big screen up there. It will have everybody's name. And you can put a green ``yes'' on there, which says: I am voting for America's future. I am voting for America's retirees. I am voting to make people have peace of mind. Or you can put a red up there and say: Do you know what? I would have voted for it, but it wasn't our bill. And if it is not my bill, if it is not my party's bill, I can't vote for that because there is an election coming up and we have got to polarize this.
Mr. Speaker, I know I am out of time, but I am not out of breath, and I will tell you what, I am sure as hell not out of passion. I know what this country means for everybody, and we are making it possible for them every day in every way.
Mr. Speaker, I yield back the balance of my time