From Americans for Tax Reform:
LSAs and RSAs can allow more Americans to save more tax- free!In President Bush's budget proposal, he's asking that new LSAs be allowed to be used for any type of savings, allow an individual to contribute up to $5,000 a year and make penalty-free withdrawals at any time. Participants will be able to save for any purpose without being double-taxed on savings, including for their children's education, home purchasing, healthcare needs, or to start their own business. Retirement Savings Accounts, or RSAs, will allow individuals to contribute up to $5,000 a year (in addition to the amounts contributed to an LSA) and works like a Roth IRA. The proposal greatly simplifies existing IRA rules, which will encourage more savings and hence be used to supplement social security and labor earnings in retirement.
The double tax on savings coupled with complex rules has led to a significant decline in America's personal savings rate. Removing the discriminatory double tax on savings and simplifying the existing rules will increase the number of savers, enhance the personal savings of working families, and bolster the productive capacity of America's economy. With the economic expansion set to take off, it is imperative that Congress immediately pass this proposal to ensure families can save throughout the entire expansion.
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