BILL REQ. #:  S-3693.2 

Read first time 02/02/2004.   Referred to Committee on Financial Services, Insurance & Housing.

     TO THE HONORABLE PATTY MURRAY, THE HONORABLE MARIA CANTWELL, THE HONORABLE JAY INSLEE, THE HONORABLE RICK LARSEN, THE HONORABLE BRIAN BAIRD, THE HONORABLE RICHARD "DOC" HASTINGS, THE HONORABLE GEORGE NETHERCUTT, THE HONORABLE NORM DICKS, THE HONORABLE JIM MCDERMOTT, THE HONORABLE JENNIFER DUNN, AND THE HONORABLE ADAM SMITH:
     We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:
     WHEREAS, Personal savings of working Americans continue to decline and are now at dangerously low levels; and
     WHEREAS, Personal savings of working Americans are not enough to pay for current catastrophic expenses or supplement the modest benefits derived from Social Security; and
     WHEREAS, Savings provide the financing of new capital investment and job creation, which in turn increase the standard of living for all Americans; and
     WHEREAS, Double taxation of savings and complexity of current savings incentives are so complex, many working Americans are not participating; and
     WHEREAS, Enactment of Lifetime Savings Accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals at any time for any purpose; and
     WHEREAS, Enactment of Retirement Savings Accounts will allow Americans to contribute up to $7,500 a year and make penalty-free withdrawals after age 58; and
     WHEREAS, Enactment of Lifetime and Retirement Savings Accounts will eliminate the double taxation of savings and simplify existing savings programs to increase participation; and
     WHEREAS, Eliminating the double taxation of savings and simplifying current incentives will boost savings for all Americans and enhance the economic security of working families;
     NOW, THEREFORE, Your Memorialists respectfully pray that our elected Senators and Representatives in the United States Congress support and vote to enact Lifetime and Retirement Savings Accounts.
     BE IT RESOLVED, That copies of this Memorial be transmitted to each member of Congress from the State of Washington.