TaxVox: Individual Taxes

Now that the presidential primary season is heading into the homestretch, the candidates may begin to focus on important issues they’ll face if they are actually elected. With that hope, TPC has put together an online briefing book on the U.S. tax system—with lots of background information on tax and budget policy along with options for reform, both incremental and sweeping.

The Bush Administration's 2009 budget, released last week, contained a proposal to reform the tax incentives aimed at encouraging additional retirement saving. The Administration's plan calls for the consolidation of the various types of Individual Retirement Accounts (IRAs) into a single Retirement Savings Account (RSA). RSAs would have the characteristics of a Roth IRA—that is, once contributions are made to the account, both the account balance and eventual distributions would never be taxed.

Congratulations to John McCain, whose strong Super Tuesday showing made him the clear frontrunner for the GOP presidential nomination. But who is the Real McCain? Is he the sometimes ornery contrarian who bucked his party on issues such as campaign finance reform, or the establishment Republican who, since 2004, has been a faithful supporter of President Bush?

While everyone has focused on the individual elements of the stimulus bills working their way through Congress, few have paid much attention to the business provisions. They should, because they could turn out to be an awfully big waste of money.