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Another Policy Suggestion

By David Sayers - Posted on 27 February 2008

I hope nobody minds, but I thought I would share another policy suggestion that I sent to the Obama campaign:

 In my opinion, a lot of the financial difficulties faced by people in this country is because they are burdened down by debt and do not have any safety net or savings. When bad things happen, they must fall back on debt, or risk losing their home or property. In order to encourage people to put money away for a rainy day, remove the taxable status of savings/money market accounts and CDs for families with incomes of less than $100,000, and graduate the exemption by 5% for every $10,000 in income obove that until the exemption is fazed out. This will serve three purposes:

1) To encourage families to put away for a rainy day.

2) To improve the effective yield of savings plans for families.

3) To help raise the effective income for seniors, many of whom have their money in safe/stable CDs and money market accounts.

 This would be a fairly inexpensive measure that would immediately help struggling families.

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