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TheWeekInCongress.com (TM) Week Ending January 12, 2006
H.R.2 To amend the Fair Labor Standards Act of 1938 to provide for an increase in the Federal minimum wage.
The version of this bill passed by the House requires that employers pay workers $5.85 per hour within 60 days of passage. Twelve months after that the hourly rate must be raised to $6.55 per hour. After twenty four months and 60 days the employer must pay a minimum wage of $7.25 per hour.
In the Northern Mariana Islands the minimum hourly wage will be raised to $3.55 per hour within 60 days of bill passage. Six months from then the wage will increase by $.50 per hour.
Absent in the House bill are any provisions that would ease the expense to small businesses of paying employees more. A substitute amendment in the Senate would include such provisions.
The Congressional Budget Office calculated in 2006 regarding a similar bill, HR 2429, that the cost to the federal government would likely be non-existent because few if any Federal employees are paid at the minimum hourly. Also, on the aggregate, those receiving the minimum increase are not likely, the CBO concluded, to be receiving Federal aid and therefore will not find their benefits reduced with an increase in wages. CBO does not see any great increase in tax revenues as a result of the wage hike.
However, CBO recognizes the bill as one that will exceed the $131 million starting point that defines an unfunded mandate in the private sector. CBO concludes that the rise in wages paid in 2007 will cost the private sector $300 million rising to $1.5 billion in 2008, $4 billion in 2009, $5.7 billion in 2010 and $5 billion in 2011.
State, local and Tribal Governments will see increased cost of $0 in 2007, $100 million in 2008, $200 million in 2009, $300 million in 2010 and 2011.
Senate Amendments
Senate amendments offered to lessen the impact on the private sector in several ways: The substitute amendment, amendment #100, has five provisions aiming to help small business absorb the cost of higher wages- Increased expensing for qualified business property through 2011 that would head off a return to a reduction of 75% of property that can be expensed; A 15 year recovery period for leasehold improvements and some restaurant buildings is expanded to include new restaurants, retail space and improvements; Non-corporate taxpayers with annual gross receipts less than $10 million (small business) may use the cash method of accounting for purchases and sales of merchandise as opposed to the accrual method to reduce administrative costs; the program through which employers would be given credit against wages paid to welfare recipients, qualified veterans and high-risk youth is extended for five years; Subchapter S professional employer organizations can participate in a new voluntary program involving meeting modification and clarifications to the tax and accounting provisions that govern them, possibly allowing for a different tax payment schedule.
Amendment 100 goes deep into tax accounting method changes, provides exceptions in some areas and addresses the inner workings of expatriate tax accounting and that of small businesses nationally and international to include tax mechanisms governing corporations absorbing other corporations. Fines are mostly doubled for tax avoidance by companies and private individuals. Failure to file taxes for three consecutive years brings fine increases if the tax liability in those years is greater than $100,000. Writing bad checks or money order fines would be raised from $750.00 to $1250.00. On the other end of the pay scale executives given windfall pay amounts would be able to deduct less of that income from personal taxes than in previous years.
Funding for the SBA program supporting women's business centers is pledged to continue. Another amendment increases the 50% Federal share on loans to women-owned businesses to $150,000.00.
Employers who unlawfully employ aliens would be prohibited from receiving government contracts.
Other Senate small business amendment action includes clarification to small businesses of how and when they must comply with federal regulations thereby freeing up administrative costs to pay the higher wages. Another amendment authorizes Treasury to explore expanding the use of the Earned Income Tax Credit a program of tax breaks for low income workers. Some hold that expanding the EITC is a viable alternative to increasing the minimum wage, however, recent CBO calculations show limited if any advantages to expanding the EITC as an alternative.
The $250 out of pocket tax break for teachers who purchase materials for the classroom continues but is not made permanent in one amendment but gained permanent status in another. Expenses for professional development would also be made tax deductible on teacher's tax forms.
Amendments that failed
An attempt to extend small business tax breaks through 2012 failed as did efforts to leave it to the States to decide on minimum wage levels
Repeal of the 1993 tax code amendment that increased taxes on Social Security benefits did not succeed but a sense of the Senate regarding that provision succeeded. A modification in the tax code to add non-group high deductible health plans as a deductible failed.
The effort to give a president the opportunity to return a bill to Congress with suggestions for eliminating spending element sin the bill the president objects to failed. Under that amendment a bill could have been held for up to a year by the president and then returned to Congress for an up or down vote on his proposed rescissions.
The full text of the Baucus amendment can be read....here
Sponsor: Rep. George Miller (D-CA-7th) Vote: Passed House 315 to 116 (RC 18) January 9, 2007. A Motion to recommit the bill failed 144 to 287 (RC 17). A Motion to Invoke Cloture and end further debate failed 54 to 43 (2/3rd required) (RV 23). The Motion to Invoke Cloture Passed February 1, 2007 88 to 8 (RV 39). Bill passed Senate 94 to 3 February 1, 2007 (RV 42) Cost to the taxpayers: “CBO estimates that enactment of an identical bill in the next Congress would have no significant effect on the direct spending and revenues of the federal government. Because a very small number of federal employees are paid the federal minimum wage, the bill would have a minor effect on the budgets of federal agencies that are controlled through annual appropriations.”
CBO calculates that the cost to the taxpayer will total $900 million over the next five years. The cost to the private sector is totaled at $300 million in FY 2007 $1.5 billion in FY '08, $4 billion in FY '09, $5.7 billion if FY '10 and $5 billion in FY 2011. Totaling $16.3 billion over five years.
The cost to employers in the Northern Mariana Islands is calculated as $100 million in 2008 and 2000 and $200 million in 2010 and 2011.
## All Rights Reserved. © 2007 TheWeekInCongress.com(TM) No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM)
MORE INFORMATION
CONGRESSIONAL FINDINGS ON THE LACK OF PERSONAL SAVINGS BY US CITIZENS
AMENDMENTS 1. S.AMDT.100 to H.R.2 In the nature of a
substitute. The content of this amendment, if agreed to, will replace the original bill content as passed by the House. This amendment adds several provisions to HR 2: Increased expensing for qualified business property through 2011 heading off a 75% reduction of property that can be expensed; A 15 year recovery period for leasehold improvements and some restaurant buildings is expanded to include new restaurants, retail space and improvements; Non-corporate taxpayers with annual gross receipts less than $10 million (Small business) may use the cash method of accounting for purchases and sales of merchandise as opposed to the accrual method to reduce administrative costs; the program through which employers would be given credit against wages paid to welfare recipients, qualified veterans and high-risk youth is extended for five years; Subchapter S professional employer organizations can participate in a new voluntary program involving meeting modification and clarifications to the tax and accounting provisions that govern them possible allowing for a different tax payment schedule. January 30, 2007. A Motion to Invoke Cloture on the debate passed 87 to 10 (RV 34) Allowing for a vote on the amendment in the near future. 2. S.AMDT.101 to H.R.2 To provide Congress
a second look at wasteful spending by establishing enhance rescission
authority under fast-track procedures.
This is the so-called ‘line item veto’ amendment that was removed as an amendment to the Senate ethics bill, S 1, and is being considered here. The amendment allows the President to recommend to Congress that one provision or another should be removed from the bill. Congress would then vote separately on the president’s recommendations.
It was noted during debate in the Senate that bills will become law within ten days of passage unless the President vetoes them. Under this amendment the President would have one year to respond to items he wants reconsidered. 3. S.AMDT.102 to H.R.2 To establish a
small business child care program. 4. S.AMDT.103 to H.R.2 To enhance
compliance assistance for small businesses.
A small business compliance guide would be produced to help small businesses comply with federal regulations. Each entry will include a description of actions needed to meet the requirements of a rule and when the rule must be met. The amendment is in response to this data on the cost of small businesses to comply with federal regulations: “The per-employee compliance cost for firms with 20 or fewer employees is $7,647. The per-employee compliance cost for firms with 500 or more employees is only $5,282.”
5. S.AMDT.104 to H.R.2 Renews a program of federal financial for states that lose tax revenue because of large amounts of property owned by the federal government can not be taxed Sponsor:
Sen Wyden, Ron [OR] (introduced 1/22/2007) Cosponsors (3)
6. S.AMDT.105 to H.R.2
Purpose will be available when the amendment is proposed for
consideration. See Congressional Record for text. 7. S.AMDT.106 to H.R.2
To express the sense of the Senate that increasing personal savings is a
necessary step toward ensuring the economic security of all the people of
the United States upon retirement. Americans are not saving for retirement and this amendment highlights that and suggests that “there is a need for simple, easily-accessible and productive savings vehicles for all the people…” (See text of Congressional findings on this subject below) 8. S.AMDT.107 to H.R.2
To impose additional requirements to ensure greater use of the advance
payment of the earned income credit and to extend such advance payment to
all taxpayers eligible for the credit. The current alternative to raising the minimum wage is expansion of the earned income tax credit, a program that provides tax breaks on income deductions for low income workers. This amendment requires that employers help those eligible for the EITC to apply for the status and extends advanced payment of EITC to qualified recipients. 9. S.AMDT.108 to H.R.2
To authorize the Secretary of the Treasury to study the costs and barriers
to businesses if the advance earned income tax credit program included all
EITC recipients.
Although the CBO has conclude that there is little difference between the cost of raising the minimum wage and expanding the earned income tax credit, this amendment directs the Secretary of Treasury to study barriers to expanding the EITC program. 10. S.AMDT.110 to H.R.2
To amend title 44 of the United States Code, to provide for the suspension
of fines under certain circumstances for first-time paperwork violations
by small business concerns.
Gives small business a little leeway in complying with government regulation paperwork by allowing for some mistakes without fines. 11. S.AMDT.111 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 12. S.AMDT.112 to H.R.2 To prevent the closure and defunding of
certain women's business centers. Provides for extensions of the Women's Business Center program in the Small Business Administration. 13. S.AMDT.113 to H.R.2 to make permanent existing education tax
benefits. Previously passed education related tax breaks that may soon expire would be extended to made permanent by this amendment. Included is the $250 deduction teacher may take for out of pocket spending for school supplies. 14. S.AMDT.114 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 15. S.AMDT.115 to H.R.2 To extend through December 31, 2008, the
depreciation treatment of leasehold, restaurant, and retail space
improvements. 16. S.AMDT.116 to H.R.2 Allows States to decide on minimum wage
levels. Several states have higher minimum wage rates than the federal level and others allow for increases based on the Consumer Price Increase. This bill would allow States some flexibility in determining the minimum wage rate. 17. S.AMDT.117 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 18. S.AMDT.118 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 19. S.AMDT.119 to H.R.2 To amend the Internal Revenue Code of
1986 to repeal the 1993 income tax increase on Social Security benefits.
Would remove requirement to pay income tax on Social Security benefits. 20. S.AMDT.120 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 21. S.AMDT.121 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 22. S.AMDT.122 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 23. S.AMDT.123 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 24. S.AMDT.124 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 25. S.AMDT.125 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 26. S.AMDT.126 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 27. S.AMDT.127 to H.R.2
To amend the Buy American Act to require each Federal agency to submit
reports regarding purchases of items made outside of the United States,
and for other purposes. 28. S.AMDT.128 to H.R.2
To direct the Administrator of the Small Business Administration to
establish a pilot program to provide regulatory compliance assistance to
small business concerns, and for other purposes. Would provde SBA assistance to small businesses trying to comply with regulations. 29. S.AMDT.129 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 30. S.AMDT.130 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 31. S.AMDT.131 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 32. S.AMDT.132 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 33. S.AMDT.133 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 34. S.AMDT.134 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 35. S.AMDT.135 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 36. S.AMDT.136 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 37. S.AMDT.137 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 38. S.AMDT.138 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 39. S.AMDT.139 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 40. S.AMDT.140 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 41. S.AMDT.141 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 42. S.AMDT.142 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 43. S.AMDT.143 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 44. S.AMDT.144 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 45. S.AMDT.145 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 46. S.AMDT.146 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 47. S.AMDT.147 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 48. S.AMDT.148 to H.R.2
To prohibit employers who unlawfully employ aliens from receiving
government contracts. 49. S.AMDT.149 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 50. S.AMDT.150 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 51. S.AMDT.151 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 52. S.AMDT.152 to H.R.2 To reduce document fraud, prevent
identity theft, and preserve the integrity of the Social Security system.
53. S.AMDT.153 to H.R.2 To preserve and protect Social Security
benefits of American workers, including those making minimum wage, and to
help ensure greater congressional oversight of the Social Security system
by requiring that both Houses of Congress approve a totalization agreement
before the agreement, giving foreign workers Social Security benefits, can
go into effect. This amendment sets forth protocol and other requirements prior to and after the president enters an agreement with a foreign country concerning Social Security benefits to foreign workers. The intent must be reported to Congress and the outcome in terms of impact on the Social Security system and the Trust Fund by the agreement. 54. S.AMDT.154 to H.R.2 To improve access to affordable health
care. Modifies the tax code to add non-group high deductible health plans as deductible. 55. S.AMDT.155 to H.R.2
o amend the Public Health Service Act to provide for cooperative governing
of individual health insurance coverage offered in interstate commerce,
and to amend the Internal Revenue Code of 1986 regarding the disposition
of unused health benefits in cafeteria plans and flexible spending
arrangements and the use of health savings accounts for the payment of
health insurance premiums for high deductible health plans purchased in
the individual market. 56. S.AMDT.156 to H.R.2
To amend the Internal Revenue Code of 1986 regarding the disposition of
unused health benefits in cafeteria plans and flexible spending
arrangements. Rearranges the use and spending of benefits in some medical plans 57. S.AMDT.157 to H.R.2
To increase the Federal minimum wage by an amount that is based on
applicable State minimum wages. Parallels the underlying bill AMENDMENT WITHDRAWN JANUARY 31, 2007 58. S.AMDT.158 to H.R.2
To increase the Federal minimum wage by an amount that is based on
applicable State minimum wages. 59. S.AMDT.159 to H.R.2 To protect individuals from having their money involuntarily collected and used for lobbying by a labor organization. Allows union members to designate that their dues are not spent for political lobbying.AMENDMENT WITHDRAWN JANUARY 31, 2007 60. S.AMDT.160 to H.R.2
To amend the Internal Revenue code of 1986 to allow certain small
businesses to defer payment of tax. Loosens up the tax payment schedules that small businesses adhere to and defines a small business as one with revenues under $10 million. AMENDMENT WITHDRAWN JANUARY 31, 2007 61. S.AMDT.161 to H.R.2
To prohibit the use of flexible schedules by Federal employees unless such
flexible schedule benefits are made available to private sector employees
not later than 1 year after the date of enactment of the Fair Minimum Wage
Act of 2007. Federal employees enjoy a flex-time schedule and this amendment would take that away unless the same benefit is made available in the private sector. AMENDMENT WITHDRAWN JANUARY 31, 2007 62. S.AMDT.162 to H.R.2
To amend the Fair Labor Standards Act of 1938 regarding the minimum wage. Offered additional alternatives to increasing the MW. 63. S.AMDT.163 to H.R.2
Equal access for small parties in civil and administrative proceedings. Raises the amount of a small claim from $7 million to $10 million. 64. S.AMDT.164 to H.R.2
Regulatory flexibility reform for small businesses Proposes various opportunities to reduce paperwork for small businesses. 65. S.AMDT.165 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 66. S.AMDT.166 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 67. S.AMDT.167 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 68. S.AMDT.168 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 69. S.AMDT.169 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 70. S.AMDT.170 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 71. S.AMDT.171 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 72. S.AMDT.172 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 73. S.AMDT.173 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 74. S.AMDT.174 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 75. S.AMDT.175 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 76. S.AMDT.176 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 77. S.AMDT.177 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 78. S.AMDT.178 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 79. S.AMDT.179 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 80. S.AMDT.180 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 81. S.AMDT.181 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 82. S.AMDT.182 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 83. S.AMDT.183 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 84. S.AMDT.184 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 85. S.AMDT.185 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 86. S.AMDT.186 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 87. S.AMDT.187 to H.R.2 In the nature of a substitute. Extends funding or the SBA program that supports women's businesses with a 50% Federal share up to $150,000. 88. S.AMDT.188 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 89. S.AMDT.189 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 90. S.AMDT.190 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 91. S.AMDT.191 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 92. S.AMDT.192 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 93. S.AMDT.193 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 94. S.AMDT.194 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 95. S.AMDT.195 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 96. S.AMDT.196 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 97. S.AMDT.197 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 98. S.AMDT.198 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 99. S.AMDT.199 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 100. S.AMDT.200 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 101. S.AMDT.201 to H.R.2 To express the sense of the Senate
concerning poverty. 102. S.AMDT.202 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 103. S.AMDT.203 to H.R.2 To enable employees to use employee
option time. 104. S.AMDT.204 to H.R.2 To amend the Internal Revenue Code of
1986 to permanently extend and increase the above-the-line deduction for
teacher classroom supplies and to expand such deduction to include
qualified professional development expenses. 105. S.AMDT.205 to H.R.2 To extend through December 31, 2008,
the depreciation treatment of leasehold, restaurant, and retail space
improvements, and for other purposes.
106. S.AMDT.206 to H.R.2 To express the sense of the Senate that
Congress should make permanent the tax incentives to make education more
affordable and more accessible for American families and eliminate
wasteful spending, such as spending on unnecessary tax loopholes, in order
to fully offset the cost of such incentives and avoid forcing taxpayers to
pay substantially more interest to foreign creditors. 107. S.AMDT.207 to H.R.2 To express the sense of the Senate that
Congress should repeal the 1993 tax increase on Social Security benefits
and eliminate wasteful spending, such as spending on unnecessary tax
loopholes, in order to fully offset the cost of such repeal and avoid
forcing taxpayers to pay substantially more interest to foreign creditors.
108. S.AMDT.208 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 109. S.AMDT.209 to H.R.2 To extend through December 31, 2012,
the increased expensing for small businesses. 110. S.AMDT.210 to H.R.2 To provide for the permanent extension
of increased expensing for small businesses, the depreciation treatment of
leasehold, restaurant, and retail space improvements, and the work
opportunity tax credit. 111. S.AMDT.211 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 112. S.AMDT.212 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 113. S.AMDT.213 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 114. S.AMDT.214 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 115. S.AMDT.215 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 116. S.AMDT.216 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 117. S.AMDT.217 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 118. S.AMDT.218 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 119. S.AMDT.219 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 120. S.AMDT.220 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 121. S.AMDT.221 to H.R.2 To change the enactment date. 122. S.AMDT.222 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 123. S.AMDT.223 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 124. S.AMDT.224 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 125. S.AMDT.225 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 126. S.AMDT.226 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 127. S.AMDT.227 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text. 128. S.AMDT.228 to H.R.2 Purpose will be available when the
amendment is proposed for consideration. See Congressional Record for
text.
CONGRESSIONAL FINDINGS ON THE LACK OF PERSONAL SAVINGS BY U.S. CITIZENS (a) Findings.--The Senate finds that-- (1) the personal saving rate in the United States is at its lowest point since the Great Depression, with the rate having fallen into negative territory; (2) the United States ranks at the bottom of the Group of Twenty (G-20) nations in terms of net national saving rate; (3) approximately half of all the working people of the United States work for an employer that does not offer any kind of retirement plan; (4) existing savings policies enacted by Congress provide limited incentives to save for low- and moderate-income families; and (5) the critically-important Social Security program was never intended by Congress to be the sole source of retirement income. (b) Sense of the Senate.--It is the sense of the Senate that-- (1) there is a need for simple, easily-accessible and productive savings vehicles for all the people of the United States; (2) it is important to begin retirement saving as early as possible to take full advantage of the power of compound interest; (3) regularly contributing money to a financially-sound investment account is effective in achieving one's retirement goals; and (4) Congress should actively develop policies to enhance personal savings for retirement.
## All Rights Reserved. © 2007 TheWeekInCongress.com(TM) No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM)
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