Fully Deductible IRA's
The committee heard testimony on legislation that would make individual retirement accounts fully tax deductible as an effort to stimulate t… read more
The committee heard testimony on legislation that would make individual retirement accounts fully tax deductible as an effort to stimulate the economy through saving. Committee chairman Bentsen cited statistics that claimed a worldwide capital shortage as well as a U.S. capital shortage were imminent. Sens. Bentsen and Roth authored the legislation that would make the IRA fully tax deductible. Mr. Greenspan said inadequate savings was hurting the U.S. chances for economic prosperity. He detailed the importance of savings to the American economy, and eventually advocated reductions in the annual federal deficit as being the best way to spur savings in the U.S. close
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