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|President's Savings Proposals Likely To Swell Long-term Deficits, Reduce National Saving|
Center on Budget and Policy Priorities
Feb. 17, 2004
Excerpt: The President's 2005 budget includes a proposal to establish new savings tax breaks. A similar proposal was included in the Administration's budget last year. The proposal -- to establish tax-favored 'Lifetime Savings Accounts' and to replace existing Individual Retirement Accounts with 'Retirement Savings Accounts' -- is ill-advised for five reasons.
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