New Savings Bond Policy for 2010
On September 5, President Obama announced that, beginning this coming 2010 tax season, all Americans will be able to purchase U.S. Savings Bonds with part of their tax refund when they file a tax return.
The President announced this and other savings initiatives in his weekly national address, the text of which is here.) Advocating for this policy has been central to D2D’s work over the past few years.
More than 100 million American households will now have an easy, safe and credible savings option at the one moment each year when they are likely to receive a large lump-sum of cash. Saving part of a tax refund will no longer require advance planning, having access to a commercial financial product, or remembering to bring a savings or IRA account number to a tax appointment.
Without question, this policy change was the direct result of many dedicated individuals and organizations working together to make their voices heard. Community-based organizations, policy professionals, public officials and private foundations all played critical roles. Congratulations to everyone who worked so hard and effectively to bring about this result. You did it!
As thrilling as this new policy announcement is, much work remains to be done. We must make sure millions of tax filers are aware of and embrace this new saving opportunity. More long term, we would like to see incentives to support saving by lower-income workers. To these ends, D2D will continue its tax time pilots this coming tax season (click here for our current RFP).
Please join in our excitement at this success for asset building policy, as well as for the impact that dedicated savings advocates can have when we work together!