ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release February 28, 2001 #01-15
E-mail: [email protected]

AMERICA’S COMMUNITY BANKERS SUPPORTS TAX PROPOSALS, SOCIAL SECURITY COMMISSION

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Statement by Diane M. Casey, president, America’s Community Bankers, on President Bush’s budget and tax proposals Tuesday:

America’s Community Bankers applauds President Bush’s proposal to reduce the taxes on America’s working families, and to substantially reduce the national debt over the next decade. The president’s budget proposal makes it clear that the nation can have tax cuts for taxpayers, protect the future of Social Security, and reduce the drag that debt adds to the cost of government.

Even as we applaud his tax proposal, we must renew our call for President Bush to expand his tax cuts so that working Americans of every age and income can increase their retirement savings in tax-advantaged programs. Our national rate of savings is far too low, and middle-income Americans are greatly concerned about their prospects for a financially comfortable retirement.

ACB renews its call for the president to:

Increase the limit on Individual Retirement Account contributions to $5,000.
Increase the amount that can be contributed to 401(k) and other qualified retirement programs.
Allow those 50 and older to make “catch-up” contributions to IRAs and other qualified retirement programs.
Streamline the administrative and regulatory rules for pension plans, especially those that apply to small businesses.

ACB also enthusiastically welcomes the appointment of a commission to examine the long-term opportunities for Social Security. It is vital that working women and men have an opportunity to invest a portion of their payroll taxes for themselves. And it is appropriate that federally insured accounts in banks and savings institutions should be among the options.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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