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Bush Savings Proposal Would Let People Squirrel Away Up To $29,000 Every Year Most Would Grow Tax-Free.(A)
Byline: PAUL KATZEFF INVESTOR'S BUSINESS DAILY
President Bush has proposed three new tax-free savings accounts that would let individuals sock away up to $29,000 a year for retirement and general purposes.
The proposals, contained in his fiscal '04 federal budget, would significantly raise the tax-sheltered sums that Americans could save.
"You go from a current cap of $3,000 on IRAs to $15,000 for two of the new accounts," said Martin Nissenbaum, National Director of Personal Income Tax Planning for Ernst & Young. "Plus, you'd be able to put up to $12,000 into the third new (retirement) account."
In addition, people 50 and up could kick in a yearly catch-up sum of $2,000 to the third account, which would replace existing 401(k) and similar plans.
The proposals would radically simplify retirement bookkeeping.
They would do away with often-conflicting rules among similar types of plans. They would abolish existing age and income caps on plan contributions. They would simplify withdrawal rules.
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