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| Wilson Urges Immediate Action on Retirement Act |
March 15, 2000 |
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WASHINGTON, DC – At a press conference this afternoon, Congresswoman Heather Wilson (R-Albuquerque) urged the House leadership of both parties to move quickly to pass bipartisan legislation that would increase the allowable contribution to Individual Retirement Accounts (IRA) from $2,000 to $5,000.
“At a time when personal savings are on the decline, increasing the allowable contribution to IRAs provides an excellent opportunity to encourage people to save for their retirement,” said Wilson. “It’s been nearly two decades since the contribution limit for IRAs has been increased. Had the original 1974 limit of $1,500 been adjusted for inflation annually, it would have reached $5,227 in 1998. I believe it is time to bring IRA contribution limits in line with the needs of 21st century families.
“Americans are overtaxed. We’re taxed when we try to save for school; we’re taxed when we get married; we’re taxed when we try to save for retirement -- we’re even taxed when we die. You deserve to keep more of your own money to save and invest for the future and I hope that this bipartisan proposal to increase the allowable contribution to IRAs will be passed by the House as soon as possible,” concluded Wilson.
Congresswoman Heather Wilson is a Cosponsor of H.R. 1322—The Small Savers Retirement Enhancement Act. The bill, sponsored by Representative Elton Gallegly, would increase the limits on the amount of nondeductible contributions to individual retirement plans from $2000 to $5000. Additionally, the bill would adjust for inflation the amount of deductible contributions to individual retirement accounts.
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