Tuesday :: Feb 25, 2003

Bush’s Tax-Free Retirement Account Proposals Are Dead Already

by Steve

Another Bush domestic initiative has bit the dust amid poor analysis and a lack of consultation with GOP congressional allies. Apparently, the Bush plan for expanding tax free retirement and savings accounts has already died, and is not even mentioned as a priority by Bush aides.

“Less than a month after President Bush proposed a radical overhaul and expansion of individual retirement and savings accounts, the White House has abandoned the idea as a legislative priority.

It was clear from the beginning that the savings proposals were not likely to make much headway in Congress quickly. In large part, the backpedaling reflects hostile reactions from Republicans who were not consulted in advance and were taken aback by the sweep of the Bush administration's proposals.

Administration officials, speaking on condition of anonymity, say they will not even begin to push for their pension proposals until this fall, and some say the plan could easily be dropped in the heat of negotiations about other issues.

That is a significant retreat. When the administration announced the proposals on Jan. 31, officials called them a daring way to increase savings and expand retirement opportunities.

President Bush created something of a storm when he included the retirement proposals in his budget plan early this month.

Republican leaders in Congress, meanwhile, want little to do with the proposals.”

Another sign of a top-notch domestic policy shop.

Steve :: 9:02 PM :: Comments (1) :: Digg It!