Max Sawicky wrote:
Uh, no.
Bush proposed to divert payroll tax revenue out of the SS Trust Fund
into individual accounts, and cut SS benefits in the bargain.
Expanded access to IRAs which many people already have, with separate
sources of revenue, is an entirely different animal.
This is from a website seeking to explain Bush's measure in 2003. This
sounds exactly like "expanded access to IRAs" to me:
Retirement Savings Accounts (RSAs) could be used only to build up
retirement savings. RSAs would consolidate traditional IRAs,
nondeductible IRAs and Roth IRAs, each of which has a different set of
rules regarding eligibility and tax treatment, into one streamlined type
of account with rules similar to current law Roth IRAs. Up to $7,500 (in
addition to amounts contributed to an LSA) could be contributed to an
RSA annually. While contributions to RSAs would not be deductible,
earnings would accumulate tax free and distributions after age 58 (or
death or disability) would be tax free.
full: http://usgovinfo.about.com/library/weekly/aataxfree.htm
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