Washington lobbyists for the financial services industry were debating last week whether to pitch in $3 million for an apres-election ad campaign to get the $240 billion tax bill passed before the end of the year.
Some 35 to 40 representatives of companies and associations met Friday morning to discuss the initiative, which is being pushed by the American Council of Life Insurers.
"We're going to put some money into it and participate," says Steve Bartlett, president of the Financial Services Roundtable, which represents 100 of the largest financial services companies.
"There is a newfound determination in Washington and the rest of the country to get this bill passed," he says. "There is a sense at this point that the American people deserve it."
The bill was approved 237-174 by the House of Representatives Oct. 26 but was not acted on by the Senate before the two houses recessed for the election. Congress is to reconvene for a lame-duck session Nov. 14 to act on pending appropriations bills, and both House Speaker Dennis Hastert, R-Ill., and Senate Majority Leader Trent Lott, R-Miss., have said they would like to try to pass the tax bill this year.
But President Clinton continues to oppose the bill. In an Oct. 26 statement from the White House, the president threatened to veto the measure, saying it did not address his concerns about school construction, health care and "pension coverage that would affect millions of middle-class Americans."
The bill would increase contribution limits for 401(k) plans to $15,000, from $10,500; increase contributions allowed to individual retirement accounts to $5,000, from $2,000; allow $5,000 annual catch-up contributions to 401(k)s and $1,500 to IRAs for people aged 50 and older; and allow greater transferability between IRAs and other types of employer-sponsored plans.
But not everyone is convinced of the effectiveness of the ad campaign.
"I can't see a reason why Clinton would want to sign this bill, even if it passes the House and Senate," said one Washington representative. "If there were serious negotiations going on with the White House, then I think there would be more interest in it."
In her case, a CD isn't for savings
Ever wonder what investment bankers do with their free time?
At Morgan Stanley Dean Witter, one of the managing directors is exploring a side career as a singer.
Carla Ann Harris, who markets IPOs in a variety of sectors, has released her first CD, "Carla's First Christmas." It features 10 traditional and contemporary holiday songs influenced by jazz and gospel.
Ms. Harris spent a decade singing around New York City at countless open-mike nights, weddings, fund-raisers and stage productions before embarking on this project.
But Ms. Harris isn't looking to get rich from CD sales. The proceeds will go to charities, including two scholarship funds.
No rest for busy
So you thought after finally achieving millionaire status to go with that great executive position, you would be able to wipe away that sweaty brow, lean back and enjoy the ride.
Well, a survey commissioned by Phoenix Investment Partners Ltd. of Hartford, Conn., found that senior executives are more stressed and feel less secure about their financial futures than do other rich individuals.
In the 2000 Phoenix Wealth Management Survey, Yankelovich Partners Inc. conducted online interviews with 1,275 wealthy individuals, primarily professionals and retirees, with a net worth of $1 million or more, not including primary residence.
Of the corporate executives surveyed, 45% said they spend too much time trying to make money and have little time to enjoy it. Senior corporate executives make up about 11% of the estimated 7.2 million high-net-worth households. The average age of respondents was 53, and 30% were between 35 and 49.
