| Al Franken wants to get rid of your IRA |
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While we were out, King Banaian had an exellent piece on a very underreported story: Al Franken's plan to get rid of Individual Retirement Accounts (IRAs). Franken's plan would do away with IRAs in order to offer a government match on savings. Franken's problem with IRAs: the deduction doesn't help people who don't pay taxes. Giving money to people who don't pay taxes has another name: welfare. Call it a savings plan all you like, but the real upshoot is that Franken is creating another income transfer scheme. |