P.M. BRIEFING : Brady Urges Family Savings Plan
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WASHINGTON — Treasury Secretary Nicholas F. Brady today urged Congress to adopt President Bush’s proposed tax-free Family Savings Account as a way to boost America’s competitive standing in global markets.
Brady, appearing before the Senate Budget Committee to promote the tax aspects of the President’s 1991 budget request, said the Administration feels strongly that the new savings accounts, along with a proposed cut in the capital gains tax, will foster the long-term investment needed by U.S. businesses to stay competitive.
The Family Savings Account, which Bush mentioned in his State of the Union address, would allow an individual taxpayer to save up to $2,500 a year and a family to invest up to $5,000 a year with the money earning interest tax-free as long as it is held at least seven years.
The Administration sees this proposal as the centerpiece of an effort to increase personal savings rates and thus expand the pool of money available for businesses to borrow to modernize production facilities.
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