Word: iras
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...where this is going: The higher up the income ladder you are, the more you get -- and it?s only gotten worse for ordinary joes like me since the House and Senate bills were combined. Under the Senate bill sponsored by William Roth (who brought us the laudable Roth IRA), the middle 60 percent of American families, who pay a third of all taxes, would have gotten 33 percent of the tax breaks. Now they?re getting 21 percent. Roth had the top 20 percent of incomes, who pay two-thirds of the taxes, slated for 66 percent; now they...
Under current law, individuals who take money from an IRA to make a charitable contribution--which includes those made to colleges and universities faced a stiff tax penalty...
Under the new proposal, individuals over age 70 and one-half will be able to make donations with IRA money withdrawn tax-free, starting...
...administration does oppose the IRA deduction for charitable contributions, the establishment of private prepaid tuition plans and--most vehemently--a portion of the ESA reform that would allow for deductions to be spent on K-12 education...
...added, "there are so many other aspects that raise questions of distributional equity that the education IRA has taken a back seat...