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tv   Senate Democrats on 401K Retirement Plans  CSPAN  October 31, 2017 1:55pm-2:06pm EDT

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>> two days of hearings on russia influence on the 2016 elections begin this afternoon. representatives from twitter, facebook and google will testify on russia's use of social media. live at 2:30 on the spindly. those hearings continue tomorrow before two separate committees. first, at 9:30 a.m. eastern for the senate intelligence committee and later at 2:00 p.m. for the house intelligence committee. you can watch all the hearings live on c-span3, streaming live on our c-span .org or listen live with the c-span radio app. >> earlier today senate democrats announced a proposal to expand 4o1k retirement savings plans. this comes ahead of tomorrow's announcement of the republicans have plan which could impact the contribution cap to a retirement account.
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>> i was one was late. they were not. blame me, not them. i just walked in first. okay. good morning everyone. i apologize for being late. i want to thank the ranking member at senate finance committee, senator wyden for being here as well as finance members step now and cantwell and a leading on retirement issues sheldon whitehouse, though he is years from retirement itself. tomorrow house republicans are expected to unveil the fine prints of their long-awaited tax plan. at the risk of using a hollowing pond, we are sure the republican tax plan will be full of tricks for the middle class and full of treats for the wealthiest americans in the biggest corporations. we don't know yet what the
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republican will do to middle-class americans 4o1k retirement account. many republicans will suggest that they may move the cap on pretax contributions to 4o1k's all the way down to 2400 a year. it is now 18000 if you are below one the matter which way you slice it republicans plan to do two 401k's is an immediate tax hike on american families retirement plans. it will be bad for millions of families which groups like the aarp and the president suggested that these accounts will not change at all but immediately backed off and said it's a negotiation. maybe that will be included in the bill and maybe it won't. the chief tax writer of the republicans, congressman brady,
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has refused to rule out to the middle class tax on americans retirement. we, democrats, are here to say that we in vigorously oppose any tax hike on middle-class tax account and we have a better plan to make it easier for americans to say and save for retirement rather than harder. under the plan we are putting forward today we would lift the cap on pretax contributions for 401k's, create a new tax credit for companies who will match 401k's contributions and create a new auto ira with the one half of american workers under age 65 who don't have access to employer-sponsored retirement plan. we make it easier for americans to retire in a decent way rather than harder which is what our republican colleagues do. why would they do that? why would republicans do that? to give a huge tax cut for the
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top 1%. it provided tax giveaway to corporations that are already raking in billions of profits a year and are flush with capital already. we think republicans have it exactly backward. they should abandon any plan for tax 401k's and work with democrats in a bipartisan way to expand retirement savings, not to cut them. senator wyden. >> thank you, leader. the leader has said it very we well. what i want to do is amplify on a couple of points. first is the republicans in congress have been talking about right at the heart of their tax reform efforts is to make the tax code simpler. i can tell you as i look again at what is an offer this
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approach on retirement would be a full employment program for record keepers. in effect, you would have one set of rules pretax with $2400, another set of rules that would be [inaudible] tax and you might have employees setting up both types of accounts, employers are going to have a challenge trying to get the word out about both of these approaches so we will start with that. as the leader has touched on, we have just been slack-jawed at the idea that the states cannot keep their hands off your 4o1k. what we have seen early on is where are looking at some of these ideas and then the president reeled it back and and mr. brady put it back on the
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table once more. so, you take these things on top of the fact and we will continue the hollowing analogies too much but they already know -- [laughter] >> ,. >> i sat next to him all these years and i knew that was coming. [laughter] they do have a frightful record when it comes -- [laughter] >> good one, ron. >> thank you. when it comes to middle-class savings. here is what happened already this year. they made it a lot harder for states like oregon to help americans save when they do not have a savings plan at their job. that is what they have done already. number two, they are in the process of scrapping a rule that says financial advisors to
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retirement plans have to work in their client's best interest. get your arms around that. that is really a radical idea that the financial advisors should still have to actually be working in the client's best interest. that is in the process of being scrapped as well. now we have going after 401k's, the reality is all of this is going to be so horrible for the middle class. it is going on behind closed doors and i want to amplify on the leaders points with respect to why. essentially, some of the authors of the trumpet tax plan has said, like mr. moore, they have overpromised all of their strongest, mega- wealthy supporters and they've got $4 trillion worth of tax promises and they have basically, at this point, got
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virtually no revenue in order to pay for it. what they have done is basically made it clear that there promises to the middle-class are not worth the paper they are written on. they are false promises to the middle-class. you make $4 trillion worth of promises largely to the people who are at the top of the top and then you got to come back through the back door in secret and take it out of the hide of the middle-class. it is less simple, less fair, and less hopeful for the middle-class who work hard, play by the rules and would just like to be able to save and get ahead. i'm glad my colleagues are here, too great, valuable members of the finance committee. >> good morning and happy
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halloween. this is such an important issue for the families in michigan and that is why i'm glad to be here with my colleagues. it is true, tonight you will have ghosts and ghouls walking around knocking on our doors and a lot of scary little kids all dressed up but none of this is as scary as the republican tax giveaway plan that is for sure. senator wyden just outlined how it will take away people's options for saving for retirement and that is a problem. only 18% of americans are confident that they saved enough for retirement and i tell you in michigan where we had both in the public and private sector people's pensions being questioned and people do not know whether they will get their full pension now and we have a lot of employers, public and private, that are turning from
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traditional pensions to requiring people to use 401k savings and right now people deserve a better deal than what is being talked about by the republicans. that is why we are here with a plan that gives families more ability to save for retirement. more ability to save for retirement, not less. and the power to decide how will they will do it. we are really proposing is something that will protect the freedom of american families to save for retirement on a pretax basis. today workers have been in michigan have been able to save $18500 to for a 401k if they are 50 or older they can save an additional $6000. >>

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