Savings

Letter of Support for the "Financial Security Credit Act of 2013"

August 1, 2013

On August 1, 2013, the Asset Building Program at the New America Foundation sent a letter to United States Representative Jose Serrano (D-NY-15) expressing support for his introduction of H.R. 2917, the "Financial Security Credit Act of 2013." The bill is based on a concept originally proposed by the Asset Building Program. The text of the letter is available here.

Asset Building News Week, July 29-August 2

August 2, 2013
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The Asset Building News Week is a weekly Friday feature on The Ladder, the Asset Building Program blog, designed to help readers keep up with news and developments in the asset building field. This week's topics include savings and taxes, poverty, public benefits, homeownership and housing, and student debt.

Rep. Jose Serrano Introduces "The Financial Security Credit Act of 2013"

August 1, 2013
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The Asset Building Program has long supported creating a flexible tax credit, targeted at low- and moderate-income Americans, to support savings. We’ve called the concept the “Financial Security Credit.” Today, that proposal moved one step closer to becoming policy, as the "Financial Security Credit Act of 2013" was introduced by Rep. Jose Serrano (D-NY-15).

Texas’ Convoluted Argument Against Asset Limit Reform

July 31, 2013
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In Texas, the Affordable Care Act’s upcoming elimination of the Medicaid asset limit is causing a stir among certain state officials, who claim that doing away with the asset evaluation “could increase costs and decrease efficiency in processing Medicaid applications.”

 Wait, what?

Asset Building News Week, July 22-26

July 26, 2013
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The Asset Building News Week is a weekly Friday feature on The Ladder, the Asset Building Program blog, designed to help readers keep up with news and developments in the asset building field. This week's topics include tax reform, inequality, and public assistance.

Watch: Saving Up Doesn't Have to Be This Taxing

July 26, 2013

Editor's note: This post originally appeared on New America's In The Tank Blog.

Earlier this week, New America's Asset Building Program released a policy paper calling on Congress to drastically reform the tax code in order to effectively encourage saving. We spoke to Reid Cramer, Director of the Asset Building Program, on what's wrong with the current tax code; whom it's hurting; what promising reforms are currently in the works in Washington; and why this is so important for the U.S. economy.

Congressman Serrano Announces Intention to Introduce Financial Security Credit in House

July 25, 2013
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On Monday we released our paper “Personal Savings and Tax Reform: Principles and Policy Proposals for Reforming the Tax Code,” which included our proposal for a flexible, accessible Financial Security Credit for ordinary families. On Wednesday, Congressman José Serrano (D-NY-15) sent a “Dear Colleague” letter to the House of Representatives announcing his intention to introduce the Financial Security Credit in legislative form. In the letter, Congressman Serrano said:

Currently, many American households are unprepared to meet short-term and long-term financial needs. More than 43% of American households lack the savings to cover basic living expenses for three months if a layoff or other emergency causes a loss of their current income. Without such a safety net, during financial emergencies many families are forced to rely on suboptimal options such as expensive credit cards and exploitative payday loans that then compound the difficulty of their financial situation, rather than helping solve it.

Playing the Long-Game on College Financing

July 22, 2013
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Sometimes when I need to motivate myself to do something, cheesy as it may be, I think about how it will benefit "future me." "Future me" will enjoy wearing the clean clothes that "present me" washed. "Future me" will be able to get out the door faster because "present me" packed my son's daycare bag. It works because, like Michael J. Fox a la Back to the Future, I know that "future me" will someday be "present me" and it will pay off. We could use more of this thinking when it comes to federal policies that help students pay for college.

Asset Building News Week, July 15-19

July 19, 2013
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The Asset Building News Week is a weekly Friday feature on The Ladder, the Asset Building Program blog, designed to help readers keep up with news and developments in the asset building field. This week's topics include savings, child poverty, and a few quick hits.

Paper Release: Personal Savings and Tax Reform

July 22, 2013
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With Congress locked in a seemingly endless loop of disagreement and dysfunction, hoping for a big, bipartisan effort to reform our tax code seems more and more like wishful thinking. Still, there are signs of promise. Senator Max Baucus and Representative Dave Camp, both chairmen of their respective tax-writing committees, launched a nation-wide “road show” last week to bring attention to the need for tax reform. While much of the attention generated by the effort has focused on the big money of corporate tax reform, a more urgent issue for average Americans is reforming personal savings incentives. A new paper that I co-authored with Reid Cramer explains why our current system, though supposedly providing generous tax incentives to save for retirement, homeownership, and education, actually fails to support savings among lower- and middle-income Americans and, in doing so, wastes billions of taxpayers’ dollars every year.

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