IRAs (Individual Retirement Accounts) were a good idea that should never have been tampered with.
We are glad to see the U.S. Senate is trying hard to undo the damage.
IRAs gave Americans one of the best means ever devised to plan for their futures.
Why, then, did the Congress place restrictions on IRAs in the 1986 tax "reform" legislation?
We think that, in seeking ways to close tax loopholes, [members of Congress] tried too hard to boost revenue at the expense of economic vitality. Savings boost investments, which in turn boost payrolls and profits, and, ultimately, the amounts paid in taxes.