U.S. Congress - H.R.4922 Savings Account for Every American Act of 2007
H.R.4922 - Savings Account for Every American Act of 2007
To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes. view all titles (2)
All Bill Titles
- Short: Savings Account for Every American Act of 2007 as introduced.
- Official: To provide for each American the opportunity to provide for his or her retirement through a S.A.F.E. account, and for other purposes. as introduced.
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Official Summary
12/19/2007--Introduced.Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account. Defines such an account as a trust created exclusively for the benefit of an individual or hisOfficial Summary
12/19/2007--Introduced.Savings Account for Every American Act of 2007 - Allows employees and self-employed individuals with a social security number to elect to participate in a S.A.F.E. account. Defines such an account as a trust created exclusively for the benefit of an individual or his or her beneficiaries. Requires:
(1) employers of electing employees to establish a payroll deduction program to make employee contributions (6.2% of wages) to such accounts; and
(2) employer matching contributions after a participating employee has maintained an account for 15 years. Imposes penalties on employers who fail to make required payroll deductions or pay deducted wages to S.A.F.E. accounts. Directs the Office of Personnel Management (OPM) to study and report to the President and Congress on extending S.A.F.E. accounts to federal civilian and military employees. Amends the Internal Revenue Code to exempt S.A.F.E. accounts from income taxation. Allows a tax deduction from gross income for cash contributions to such an account. Includes distributions from such an account in employee gross income, with specified exceptions for distributions after age 59 1/2 or death, purchase of certain insurance contracts, and rollovers.
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act and the Internal Revenue Code to exempt S.A.F.E. account participants from social security taxes and exclude such participants from old age, survivors and disability insurance coverage.
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H.R.4922: To restore first amendment protections of religion and speech. H.R.5078: To restore first amendment protections of religion and speech. -- This includes limits on courts' hearing cases related to abortion, ...
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HR4922: To restore first amendment protections of religion and speech. HR5078: To restore first amendment protections of religion and speech. Ahh, isn't it nice how he titles some of the bills to mean exactly the opposite of what they ...
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His bills would also prevent cross-state discrimination against gay marriage (H.R.300 H.R.4379 H.R.5739 H.R.3893 H.R.1547 H.R.4922 H.R.5078). He also wants to limit Federal court intrusion into abortion cases (H.R.1545 H.R.1546 H.R.2875 ...
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