Word: saversion
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Savers weary of such incentives for opening a new bank account as toasters, popcorn poppers and electric frying pans last month received a new and different kind of bonus: high interest rates. Banks and savings and loan associations across the U.S. unleashed massive advertising campaigns to induce customers to sign...
The real appeal to savers comes from the plan's tax features. Investors would pay no federal income taxes on the first $1,000 of interest for individuals and $2,000 for married couples filing jointly. Thus at a current Treasury bill rate of 14% on a $10,000...
Contrary to what supporters of the all-savers plan claim, many critics of the concept argue that the certificates will simply deflect savings and investment out of stocks and municipal bonds, force up other interest rates and not actually increase the amount of overall savings by very much.
Said one of the plan's original co-sponsors in the House, Florida Democrat Sam M. Gibbons, after digesting analyses of its economic impact: "This is one of the worst pieces of legislation I have ever introduced. It does not begin to help all savers at all."
Though the Administration opposes all-savers, blocking it may be difficult. The White House has already agreed not to oppose the Senate Finance Committee version of the President's tax bill, which, except for the all-savers rider, closely tracks the original Reagan tax-cut proposals. Unless the Administration...