What Bush isn't telling you about Social Security

Wang, Penelope
March 2004
Money;Mar2004, Vol. 33 Issue 3, p25
This article focuses on President George W. Bush's policy proposals on Security in the United States. That's the motive behind Bush's resurrection of his earlier proposals for new tax-free savings plans for retirement and other big goals. The plans, buried in the budget that Bush proposed in early February, would let investors of any income annually sock away after-tax dollars that could grow tax-free. Money in a Lifetime Savings Account (LSA) could be withdrawn at any time for any purpose: college, a home, even a new car. The Retirement Savings Account (RSA) would be, essentially, an expanded Roth IRA. By putting the RSA and LSA back into play (however softly), Bush is framing the Social Security debate on his terms--to privatize or not to privatize. In addition to his Lifetime Savings Account and Retirement Savings Account, Bush wants to expand the Health Care Savings Account that's part of the new Medicare law with a tax break for buyers of high-deductible health insurance. INSET: The 30-second guide to Bush's economic plan.


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