Proposed Savings Accounts: Economic and Budgetary Effects (CRS Report for Congress)
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| Release Date |
Revised March 7, 2007 |
| Report Number |
RL32228 |
| Report Type |
Report |
| Authors |
Jane G. Gravelle and Maxim Shvedov, Government and Finance Division |
| Source Agency |
Congressional Research Service |
| Older Revisions |
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Premium June 30, 2006 (26 pages, $24.95)
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Summary:
In several recent budget proposals, the President proposed to substitute for thecurrent system of individual retirement accounts (IRAs) two new arrangements: lifetimesavings accounts (LSAs) and retirement savings accounts (RSAs). Thecontribution limit for each of the new accounts was $5,000 in FY2005 - FY2007,down from $7,500 in FY2004. In FY2008 the LSA accounts were restricted to$2,000. In 2005 Senator Craig Thomas of the Finance Committee andRepresentative Sam Johnson of the Ways and Means Committee introducedidentical bills to create LSAs (S. 545 / H.R. 1163) and RSAs (S. 546/H.R. 1162). Ayear earlier the same legislators sponsored similar bills (S. 2263/H.R. 4078, and H.R.4714). The President's Advisory Panel on Federal Tax Reform proposed similaraccounts, called Save for Family and Save for Retirement accounts, with $10,000annual limits, as a part of its final recommendations.
