Lifetime Savings Account

One of the things I do like about Bush is his tax cuts. One of his proposals, the Lifetime Savings Accounts, would allow individuals to contribute up to $10,000 a year in a non-taxable investment account. It’s similar to a Roth IRA with two huge differences. You can contribute more than double what a Roth IRA allows and there are no withdrawal restrictions.

You can withdraw your hard earned money whenever you want to and you can use it to buy whatever you want. You don’t have to wait till your 60 to use the money. And the government doesn’t get to take any profits made in the investment account! This is a huge advantage to the middle class and below.

If this proposal gets passed in 2006, it would take effect sometime in 2007. But word on the street is that it will have a hard time passing. Even the GOP isn’t fully behind it. So I am basically asking everyone to email their Representatives and push the Lifetime Savings Account, because when it is all said and done, it could literally save you a million bucks if you are a young person.