House Republican Leader John Boehner and others have put together a website supporting the Savings Recovery Act of 2009 which was introduced yesterday as H.R. 2021. According to this press release here, this is what the bill will accomplish:
Make it easier for Americans to save more for their retirement by increasing the contribution and catch-up limits for individuals and families.
Restore college savings by extending the existing SAVERs Credit to contributions made to 529 college savings accounts.
Increase retirement income by doubling the Social Security earnings limit from $14,160 to $28,320 and allowing more Americans to increase their income without being hit by the Social Security earnings penalty.
Provide tax relief for investors and seniors by immediately suspending the capital gains tax on newly acquired assets for the next two years, raise and index to inflation the amount of capital losses allowed against ordinary income to $10,000, and suspend taxes on dividend income through 2011.
Stabilize worker pensions and helping employers invest in the future by temporarily providing an increased glide path for recognizing losses and two additional years to resolve pension funding shortfalls.
Preserve employee-controlled 401(k)s by blocking efforts to wipe out 401(k)s entirely and replace them with government-run accounts.
More on the purpose of the bill here:
. . . [A]ccording to a March 2009 National Public Radio (NPR) survey conducted by Public Opinion Strategies/Greenberg Quinlan Rosner, Americans concern about decline in the stock market and investment losses trumps even concerns about losing their jobs. But instead of taking action to help Americans rebuild their savings as quickly as possible, Washington is pursuing policies that are causing Americans savings to evaporate even more quickly. Some are even proposing to wipe out 401(k)s entirely, replacing them with government-run accounts that put bureaucrats in charge of savings decisions instead of families.
Both the American Benefits Council and ERIC have expressed their support for the bill. You can express your support here by signing an online petition.