Word: iras
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Dates: during 1980-1989
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...less flexible and far more vulnerable to an economic slump. While the merger- / and-acquisition game will no doubt carry on in the 1990s, such deals are apt to be less grandiose and more carefully wrought than the quick-buck transactions that are currently coming to grief. Says J. Ira Harris, a Chicago-based senior partner of Lazard Freres: "These are only midterm grades. The real grades arrive when you have an old-fashioned recession and see who survives." When that report card is in, more raiders are likely to flunk the game they touted so highly: survival...
RESTORING AN IRA DEDUCTION. We spend more than we produce and fail to save nearly enough to remain competitive. Restoring the Individual Retirement Account incentive, as House Democrats proposed, would nudge the average family to spend a little less and save a little more -- just what the doctor ordered. More saving and less borrowing would also tend to lower interest rates, which would benefit rich and poor alike...
...Democrats' proposals to allow early IRA withdrawals to fund tuition or buy a first home, however, would complicate the now simple IRA, raise the potential for abuse and reduce the amount ultimately saved for retirement. Congress might better allow IRAs to be pledged as collateral on education loans and first-home mortgages. Any tinkering should focus on how to get people to put more into IRAs (perhaps by raising the $2,000 annual allowable contribution, even if the excess were not deductible) rather than on ways to let them take money...
NIMH Senior Science Advisor Ira D. Glick alsopresented a national plan to combine public andprivate mental health services in the battleagainst severe mental illness, particularlyschizophrenia...
Bentsen won acclaim for an alternative proposal: encourage savings by expanding the deduction for contributions to Individual Retirement Accounts. This would provide tax benefits mostly to the middle class while simultaneously creating a pool of investment funds, a goal of the capital- gains reduction. Before IRA deductions were restricted in 1986, however, they cost the Treasury $16 billion a year in lost taxes. Bentsen's proposal is unlikely to stop the stampede to cut capital gains, and it could become the next giveaway that Congress and the President will seize upon. But the prospect of a huge loss in revenue...