Financial Management White Papers
Administration's Budget Would Undermine Key "Asset-Building" Program for Lower-Income Working Families While Helping Wealthy Families Build Savings Through Expensive New Tax Breaks
Overview The Administration's fiscal year 2005 budget proposes new, very expensive tax breaks to help higher-income families build wealth through tax-sheltered savings accounts, while undermining a key federal program designed to help low-income families build assets. The budget proposes two new tax-advantaged individual savings accounts - Lifetime Savings Accounts (LSAs) and Retirement Savings Accounts (RSAs). These accounts differ from currently authorized savings vehicles in that they substantially expand the amount of tax-sheltered savings permitted and remove all eligibility restrictions related to income.
| Publisher | Center on Budget and Policy Priorities | File Format | PDF, requires Acrobat Rdr 5 |
|---|---|---|---|
| Date Published | April 2004 | Downloads | 1 |
| Format | White Papers | ||
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