Glorious Freedonia
31-07-2007, 03:04
I think that the USA needs a new and improved Individual Retirement Account ("IRA") option. The reason why I think that the USA needs a better one is because many of us are really bad savers.
I think that we need a "Super IRA" that combines all of the best features of the current IRA options. I think that everyone should be able to contribute up to 25% of their earned income to their Super IRA, be able to deduct their contributions for income tax purposes, and not pay tax on earnings. I do not think that people should be able to touch the money until they are at least 60 for any reason. I also think that people should not have to pay taxes upon distribution on the first 5% of their account balance as of the begining of the tax year once they start taking distributions.
I think that this could go along way if not all the way to making the broken Social Security system pretty much obsolete. Although this would cut into tax revenues, I think it would do a lot for the economy because there would be a whole lot more investment and that has to be good for businesses right?
I think that we need a "Super IRA" that combines all of the best features of the current IRA options. I think that everyone should be able to contribute up to 25% of their earned income to their Super IRA, be able to deduct their contributions for income tax purposes, and not pay tax on earnings. I do not think that people should be able to touch the money until they are at least 60 for any reason. I also think that people should not have to pay taxes upon distribution on the first 5% of their account balance as of the begining of the tax year once they start taking distributions.
I think that this could go along way if not all the way to making the broken Social Security system pretty much obsolete. Although this would cut into tax revenues, I think it would do a lot for the economy because there would be a whole lot more investment and that has to be good for businesses right?