Savings Coalition Weighs in on Savings with Senate Finance Committee’s Working Group on Tax Reform
The Savings Coalition reiterated its position to a special working group of the Senate’s Finance Committee that it should not treat tax deferrals as if they are tax deductions when considering tax reforms. It also sought to help the Senators lay a strong bipartisan foundation for reform, explaining the critical role of sound tax policy in helping American’s save for retirement.
The Working Group on Savings and Investment is one of five bi-partisan groups of Senators from the Finance Committee, charged with working with the Joint Committee on Taxation “to produce an in-depth analysis of options and potential legislative solutions… with the goal of having one final comprehensive report featuring recommendations from each of the five categories completed by the end of May. [The report] will serve as a foundation for the development of bipartisan tax reform legislation.”
The Savings Coalition will continue to work with the Finance Committee and the House Ways & Means Committee to help ensure that any tax reform proposals help promote savings and the economic benefits that result from savings and financial security.
The Savings Coalition of America was organized in 1991 to support to increase personal savings in the United States. Its mission is to promote and advance policies that will increase the level of personal savings in the United States as well as protect current policies that encourage personal savings. The Savings Coalition also supports increasing awareness of the importance of saving by Americans.
The members of the Savings Coalition represent a wide variety of private interests including engineering, consumer groups, home-building, realtors, tangible assets, trust companies, health care industry, banking, financial services, education, insurance, securities and business groups.
“Money is the opposite of the weather. Nobody talks about it, but everybody does something about it.” – Rebecca Johnson.
SAVING FOR ONE, SAVING FOR ALL
Everyone understands how saving can give people a sense of security and independence. Personal saving is crucial to planning for life’s expected and unexpected events, and for building financial security and freedom. But personal savings is more than just personal – it is fuel for America’s economic engine. Read more...