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Clinton Proposes Universal 401(k)s, Matching Funds
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hillarynews
Joined: 24 Jan 2007
Posts: 2255
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 Posted: Wed Oct 10, 2007 8:00 am Post subject: Clinton Proposes Universal 401(k)s, Matching Funds |
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 Clinton Proposes Universal 401(k)s, Matching Funds
Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton.At a cost of $20 billion-$25 billion a year, the plan is Clinton's largest domestic proposal other than her plan for universal health insurance.
Category: Top Story
Every citizen could get a 401(k) retirement account and up to $1,000 in annual matching funds from the government under a plan offered Tuesday by Democratic presidential candidate Hillary Rodham Clinton.At a cost of $20 billion-$25 billion a year, the plan is Clinton's largest domestic proposal other than her plan for universal health insurance. The New York senator said it would be paid for by taxing estates worth more than $7 million per couple and would help narrow the gap between the rich and those who don't have enough savings for retirement. At the same time, Clinton said she has given up another idea for a savings incentive—giving every baby born in the United States a $5,000 account to one day pay for college or a first home.She made that suggestion last month before the Congressional Black Caucus, saying it was just an idea and not a policy proposal. The idea was criticized by Republicans, and she told The Wall Street Journal in an interview published Tuesday that it's off the table.The campaign of her Democratic rival John Edwards suggested it was an example of Clinton setting her positions by polls. "Apparently, new polling data seems to have pressured the Clinton campaign to throw out the baby bond with the bathwater," said Edwards spokesman Chris Kofinis.As for the retirement accounts, Clinton said during a campaign stop in small-town central Iowa, "They will begin to bring down this inequality that is eating away at our social contract." She said, "This is a major commitment to how I believe we can begin to right the balance again."She said that for every $7 million estate that gets taxed, at least 5,000 families would receive the matching funds.
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Source: The Hillary Project
Description: reporting the news about Hillary that the media refuses to |
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