Saving and investment Legislation - Federal Government

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Designates April 2007 as Financial Literacy Month to raise public awareness about the importance of financial education in the United States and the serious consequences that may result from a lack of understanding about personal finances.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Designates October 21 through October 27, 2007, as "National Save for Retirement Week."

Supports the goals and ideals of National Save for Retirement Week, including raising public awareness about the importance of adequate retirement savings and the availability of employer-sponsored retirement plans.

Calls on the federal government, states, localities, schools, universities, nonprofit organizations, businesses, other entities, and the people of the United States to observe the week with appropriate programs and activities with the goal of increasing the retirement savings of all the people of the United States.

Amends the Internal Revenue Code to provide that, in the case of an electing individual, no gain (up to a specified amount) shall be recognized on the receipt of a capital gain dividend distributed by a regulated investment company if such capital gain dividend is automatically reinvested in additional shares of the company pursuant to a dividend reinvestment plan.

Commission On Reforming Entitlement Spending Act, or CORE Spending Act - Establishes the Commission On Reforming Entitlement Spending to examine the long-term fiscal challenges facing the United States and develop legislation designed to address them.

Authorizes the President and the House or Senate Budget Committee to submit alternatives to the legislative proposal submitted by the Commission.

Requires the Director of the Congressional Budget Office (CBO) to prepare a long-term cost estimate of legislation proposed under this Act or a related amendment, and have it published in the Congressional Record as expeditiously as possible.

Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 after December 31, 2010, except for self-employment taxes, Federal Insurance Contributions Act taxes, and Railroad Retirement taxes.

Declares that any new federal tax system should be a simple and fair system that: (1) applies a low rate to all Americans; (2) provides tax relief for working Americans; (3) protects the rights of taxpayers and reduces tax collection abuses; (4) eliminates the bias against savings and investment; (5) promotes economic growth and job creation; and (6) does not penalize marriage or families.

Requires that the new federal tax system be approved by Congress in its final form by July 4, 2010.

Better Future for American Families Act - Amends the Internal Revenue Code to rename the tax credit for elective deferrals and IRA contributions as the saver's credit. Revises the applicable percentage and phaseout formula for calculating the credit and makes such credit refundable.

Supports the goals and ideals of National Save for Retirement Week (October 21- 27, 2007), including raising public awareness of the importance to save adequately for retirement and the availability of employer-sponsored retirement savings vehicles.

Saver's Bonus Act of 2007 [sic] - Directs the Secretary of the Treasury to develop programs to: (1) match deposits made by low-income individuals into certain savings accounts (saver's bonus); (2) deposit tax refunds electronically into savings accounts; and (3) allow individual taxpayers to purchase U.S. savings bonds on their federal income tax returns.

Requires the Commissioner of the Internal Revenue Service (IRS) to notify low-income taxpayers of their eligibility for the saver's bonus and of their options under this Act.

Designates October 19-25, 2008, as National Save for Retirement Week.

Supports the need to raise public awareness of efficiently utilizing substantial tax revenues that currently subsidize retirement savings (revenues in excess of $170 billion for the FY2007 Budget).

Supports the need to raise public awareness of the importance to save adequately for retirement and the availability of tax-preferred employer-sponsored retirement savings vehicles.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Supports the goals and ideals of National Save for Retirement Week (October 19-25, 2008).

Supports the need to raise public awareness of efficiently utilizing substantial tax revenues that currently subsidize retirement savings, revenues in excess of $170 billion for the 2007 Fiscal Year Budget.

Supports the need to raise public awareness of the importance to save adequately for retirement and the availability of tax-preferred employer-sponsored retirement savings vehicles.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Supports the goals and ideals of Financial Literacy Month (April 2008), including raising public awareness about financial education.

Recognizes the importance of managing personal finances, increasing personal savings, and reducing indebtedness in the United States.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Designates April 2008 as Financial Literacy Month to raise public awareness about the importance of personal financial education in the United States and the serious consequences that may result from a lack of understanding about personal finances.

Financial Security Accounts for Individuals with Disabilities Act of 2008- Amends the Internal Revenue Code to establish tax-exempt financial security accounts for individuals with disabilities to pay certain expenses of such individuals, including expenses for education, medical care, and employment training.

Allows individual taxpayers a tax deduction, up to $2,000 per year, for cash contributions to such an account.

Amends title XIX (Medicaid) of the Social Security Act to permit the disregard of financial security accounts for disabled individuals in determining eligibility for Medicaid benefits. Permits the disregard of amounts in such accounts for purposes of determining eligibility for certain means-tested federal programs.

Kids IRA Act of 2008 (K-IRA) - Amends the Internal Revenue Code to establish young savers account for individual taxpayers under age 26. Treats such accounts as Roth individual retirement accounts (Roth IRAs) for income tax purposes. Allows a tax deduction for contributions to young savers accounts, up to $5,000 a taxable year.

Recognizes the importance of increasing the savings rate and reducing consumer indebtedness in the United States through effective social marketing campaigns.

Supports the goals and ideals of America Saves Week (February 24-March 2, 2008).