Expressing the sense of the House of Representatives that the Congress should not pass any legislation that would tax or confiscate personal savings accounts, including retirement accounts such as Individual Retirement Accounts (IRAs) and 401k plans, certificates of deposit (CDs), or other personal savings to provide financial relief for private businesses.

Bill: 113-hres-129
Sponsor: full_name: Rep. Long, Billy [R-MO-7]
Introduced: 2013-03-19
Policy area: Taxation
Subjects: Bank accounts, deposits, capital

Business investment and capital

Employee benefits and pensions

Financial services and investments

Tax administration and collection, taxpayers
Latest action: action_date: 2013-03-19
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Summaries:
action_date: 2013-03-19
action_desc: Introduced in House
text: <p>Expresses the sense of the House of Representatives that Congress should refrain from considering or adopting any legislation that would: (1) tax or confiscate personal savings, including retirement accounts, certificates of deposit, or other personal savings and assets; or (2) provide financial relief to a private business or general sector of the American economy at taxpayer expense.</p>

tv_txt: IV 113th CONGRESS 1st Session H. RES. 129 IN THE HOUSE OF REPRESENTATIVES March 19, 2013 Mr. Long submitted the following resolution; which was referred to the Committee on Ways and Means , and in addition to the Committee on Financial Services , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned RESOLUTION Expressing the sense of the House of Representatives that the Congress should not pass any legislation that would tax or confiscate personal savings accounts, including retirement accounts such as Individual Retirement Accounts (IRAs) and 401k plans, certificates of deposit (CDs), or other personal savings to provide financial relief for private businesses.

Whereas the personal savings and retirement accounts of the American public are the personal property of their owners; Whereas personal savings and retirement accounts are used by millions of Americans to fund their retirement, their children’s education, their purchase of a family home, and other uses according to their pursuit of happiness; Whereas the United States Government should not abuse its power by substituting political priorities for the personal economic choices of millions of individual Americans; Whereas previous attempts to use taxpayer money to provide financial relief to troubled industries has failed to produce economic recovery and has undermined the American system of economic freedom; and Whereas the American system of economic freedom has given millions of ordinary people the opportunity to pursue economic success and their American dream: Now, therefore, be it

That it is the sense of the House of Representatives that the Congress should— (1) refrain from considering or adopting any legislation that would tax or confiscate any or all personal savings held by the American people, including retirement accounts such as Individual Retirement Accounts (IRAs) and 401k plans, certificates of deposit (CDs), or other personal savings and assets; and (2) refrain from considering or adopting any legislation to provide financial relief to a private business or general sector of the American economy at taxpayer expense.