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real estate and partnership interests. For role in advancing this agenda.” • Implementing automatic IRAs and
large estates, lengthy litigation is often Warren’s “longstanding commitment 401(k)s; requiring automatic enroll-
required to settle valuation disputes. It to affordable health care and account- ment in 401(k)-type plans.
is hard to imagine the IRS undertaking ability for entrenched special interests Neal was reelected chairman of Ways
that valuation process every year.” will also be a welcome addition as the and Means, the House’s chief tax-writ-
According to the Tax Foundation, committee works to lower health care ing committee, on Dec. 3.
Warren’s original proposal would tax costs for families,” Wyden added. He and ranking member Kevin Brady,
household net wealth above $50 million R-Texas, introduced the Secure Act 2.0
at a 2% rate per year and above $1 billion MORE COMMITTEE ASSIGNMENTS on Oct. 27. His bill to shore up multiem-
at a 3% rate. Warren also sits on the Senate Banking ployer pension plans was also included
“Sen. Warren boosted the size of the Committee; the Senate Committee on in the next stimulus bill.
billionaire’s wealth surcharge to 6% Health Education Labor and Pensions, “The COVID-19 economic downturn
from 3% when she released her plan or HELP, Committee; the Senate Special has only worsened the multiemployer
to pay for Medicare for All,” the Tax Committee on Aging; and the Senate pension crisis and increased the
Foundation said. Armed Services Committee. urgency with which we must act to
The chairman of the Senate Banking help folks whose financial security
INCOMING CHAIR WYDEN WEIGHS IN Committee is Sherrod Brown, D-Ohio, is at risk,” Neal said in a statement
“I’m thrilled to welcome Senator Warren while the incoming HELP Committee Thursday.
to the Finance Committee,” said Senate chair is Sen. Patty Murray, D-Wash. The Emergency Pension Plan
Finance Chairman Ron Wyden, D-Ore., Relief Act of 2021, which Neal intro-
in a statement. “Senator Warren has REP. NEAL TO REINTRODUCE duced in mid-January and intended
been a tireless advocate for the middle SECURE ACT 2.0 to address “the worsening multiem-
class and I look forward to working with “Strengthening retirement policy con- ployer pension crisis that threatens
her on a range of issues, particularly fix- tinues to be a priority of mine, and the savings of more than a million
ing our broken tax code and ensuring improving Americans’ long-term finan- American workers and retirees,” is
billionaires and mega corporations pay cial security has taken on even greater a standalone version of a provision
their fair share.” importance now that so many people from the House-passed Heroes Act,
Warren’s “wealth tax” legislation have had to draw from their savings he explained.
reflects her 2020 campaign proposal to during the COVID crisis,” Neal told “The workers and retirees enrolled
impose a two cent tax on every dollar of Investment Advisor in a Jan. 19 email in these failing plans did everything
individual wealth over $50 million, with message. right — they put away money year
an additional surtax on every dollar of “I plan to reintroduce the Securing after year to save for their futures,
wealth over $1 billion. a Strong Retirement Act this Congress even forgoing pay raises to do so,”
“Our to-do list is long,” Warren said. and expect it will pass with broad bipar- Neal said.
“We must provide immediate relief for tisan support, just as the Secure Act did “I’m committed to getting a solu-
families struggling under the weight of in 2019,” he added. tion to this crisis signed into law as
twin health and economic crises. We The Securing a Strong Retirement Act quickly as possible, and have even
must make health care in America a of 2020, commonly called Secure Act 2.0, urged Speaker Pelosi to include a
human right and expand public pro- builds on the Setting Every Community multiemployer fix in the next COVID
grams like Medicaid and lower the Up for Retirement Enhancement relief legislation the House considers,”
Medicare eligibility age. (Secure) Act of 2019. he added.
Other priorities for Neal in the new
The Emergency Pension Plan Relief
“And we must ensure those at the Congress, which he laid out in a 14-page Act of 2021 is an updated version of
Susan Walsh/AP Photo/Bloomberg wealth tax on fortunes over $50 million • Strengthening and improving Social Pensions Act (known as the Butch
very top actually pay their fair share
to keep America strong — including a
framework, include:
the Rehabilitation for Multiemployer
to fund needed investments for working
Security benefits, particularly for
Lewis Act), which passed both the
Ways and Means Committee and the
low-wage workers;
families,” Warren added.
full House in 2019.
• Protecting Social Security disabil-
Wyden noted that income inequal-
ity “will be a major focus of my legisla-
ity benefits from harmful regula-
tive and investigative work, and Senator
tions and other attacks designed to
Washington Bureau Chief Melanie Waddell can
Warren will certainly play a significant
reduce access to benefits; and
be reached at [email protected].
MARCH 2021 INVESTMENT ADVISOR 11