Word: roth
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Dates: during 1990-1999
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Sometime this week President Bill Clinton is expected to sign a sweeping IRS-reform bill that includes "technical corrections" governing the popular Roth IRA. Mostly, the corrections close loopholes. So don't look for any big changes, like expanding eligibility for those earning more than $100,000 a year. As I've argued before, that low limit unfairly precludes many nonwealthy couples in big cities from converting their old IRAs to a Roth. Still, nagging obstacles are about to get obliterated, opening the door for wider use of this powerful savings tool...
...Roth is, of course, the now familiar IRA that allows savers to contribute aftertax money, which grows tax free and can be withdrawn tax free in retirement. Traditional IRAs are funded with pretax money that grows tax deferred but is subject to tax upon withdrawal. Here are three key corrections in the bill that relate to the Roth...
...overwhelming show of lovable-issue bipartisanship, the Senate almost unanimously approved a $13 billion bill that aims to make the hated Internal Revenue Service a little more taxpayer friendly. President Clinton has promised to sign it, and the bill's jubilant coauthor, Senate Finance Committee chairman William Roth, promised "a new day for the American taxpayer." But FORTUNE Washington bureau chief Jeff Birnbaum sees a mostly empty gesture: "The vast majority of Americans won't feel any difference under this plan -- if anything, the changes will make things more confusing for everyone...
...Portnoy's Complaint by Philip Roth is published...
Seniors: Landis Fisher, Catherine Malone, Amy Mecklenburg, Erin O'Malley, Amy Roth...