"The Senate Finance Committee passed the Retirement Security and Savings Act of 2000 on September 7. The legislation now goes to the Senate floor, where it is expected to be approved in the near future.... [T]he vast majority of lower-income savers would not benefit from the tax credit, and families with somewhat higher incomes would benefit only modestly. [1] Three-quarters of the families who would qualify on paper for the maximum credit would be excluded because the credit is not refundable. Those excluded represent more than 20 million families. [2] For many families with somewhat higher incomes, the credit would provide such a small incentive for saving as to be of little value. For example, a married couple with two children earning $45,000 a year would receive only a $200 tax credit for depositing $2,000 into a retirement account."  MORE >>