Okay, for a moment let's forget about attack ads, Iowa, the polls, that floating cross in Mike Huckabee's latest commercial, Hillary's wrinkles, and the question of whether Jesus and Satan are half-brothers--and let's talk presidential race policy!
The smart wonks at the New America Foundation have taken a details-drenched look at the proposals of all the Democratic and Republican presidential wannabes related to the promotion of savings and asset building. This broad category includes retirement security, affordable home ownership, children's savings accounts, the subprime mortgage crisis, bankruptcy, and more. A sample:
Joe Biden plans to incentivize savings by expanding the Saver's Credit, providing eligible families a 50% refundable tax credit for deposits up to $2,000 in certain tax-preferred savings accounts, such as 401(k) plans or Individual Retirement Accounts. A family earning less than 50,000 that deposits $4,000 into savings products eligible for the credit would receive a $2,000 matched refund from this plan.
Chris Dodd proposes to assist individuals saving for a down payment on a home with the creation of Tax-Deferred Individual Homeownership Savings Accounts. The federal government would match up to $500 each year in the accounts of low-income and working families under this plan.
John Edwards proposes the creation of "work bonds" to match household savings. Households earning up to $75,000 would receive a state-provided bond valued at $500 per year. Additionally, he proposes the "Get Ahead" tax credit to match up to $500 in savings for retirement, college education, home purchase or investment in a small business or during a financial or medical emergency.....