Screw the poor:

Here are some excerpts from an article about Bush's proposed new savings accounts (from TheStreet.com):

• [Bush's] proposal would create two new consolidated savings accounts: Lifetime Savings Accounts (LSAs) and Retirement Savings Accounts (RSAs).
  
  
  1. [Individuals will] be able to contribute up to $7,500 a year to these accounts regardless of their income ...
     
  2. ... contributions would be after tax ... but all withdrawals would be tax-free ...
     
  3. There would be no restrictions on the money's withdrawal.
  
  
• ... the new accounts would only help investors who have the $7,500 to $30,000 a year to invest. Because the proposal eliminates deductible IRAs, low-income taxpayers who need a tax break now to encourage savings (when the money is contributed, rather than withdrawn) actually will be worse off.

posted by Quiddity at 2/04/2003 09:59:00 AM