• Bush Administration Tax Proposal Includes Dramatic Changes for Current Retirement and Other Tax-Favored Savings Accounts
  • May 15, 2003 | Author: Michael A. Hart
  • Law Firm: Kirkpatrick & Lockhart Preston Gates Ellis LLP - Pittsburgh Office
  • This Alert provides an overview of the Bush proposal which would (1) replace individual retirement accounts with Lifetime Savings Accounts and Retirement Savings Accounts and (2) consolidate all employer-sponsored retirement savings plans into a single employer-sponsored retirement savings vehicle. If enacted, it would create the most sweeping changes to tax-favored retirement and other savings accounts since the introduction of the individual retirement account in 1974.