Sending Office: Honorable Bonnie Watson Coleman
Cosponsor H.R. 2112 – Refund to Rainy Day Savings Act
Cosponsors: Rep. Susan Wild, Rep. David Scott
We invite you to cosponsor
H.R. 2112, the Refund to Rainy Day Savings Act, which would give taxpayers the option to defer a portion of their tax refund into an account that earns interest for six months.
As we have witnessed this tax season, tax refunds are very important to the American people. Millions of Americans use these refunds to pay down debt or invest in long-term assets, but they only come once a year. Once those funds are exhausted, people will
have to rely on their earnings and savings; unfortunately, far too many don’t have enough saved. Last year, the Federal Economic Well-Being of U.S. Households Report found that forty percent of Americans couldn’t cover an unexpected expense greater than $400.
This means that for too many families, a blown tire, a burst pipe, or even a few days off with the flu results in difficult financial decisions. For the wellbeing of everyday Americans, we need to help people build stronger financial safety nets.
The Refund to Rainy Day Savings Act would allow tax filers receiving a refund via direct deposit to defer up to 20 percent of their refund to a Treasury-held account to accumulate interest. After six months, the refund, plus interest earned, would be transferred
to the direct deposit account, encouraging more people to set aside emergency savings. The bipartisan bill also creates a pilot program to evaluate matches for low-income tax filers, redeploying the existing Assets for Independence match program with expanded
flexibility to allow localities to identify best practices without increasing federal funding.
For more information on the legislation or if you would like to cosponsor, please contact Brad Korten (firstname.lastname@example.org | (202) 225-5801) in Rep. Watson Coleman’s office or Lesley Hill (email@example.com
| (202) 225-2506) in Rep. Hill’s office.
BONNIE WATSON COLEMAN FRENCH HILL
Member of Congress Member of Congress
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