Bush's Special Savings Accounts

Perhaps if Bush spent less time wrapping himself in the flag he would be better informed about savings opportunities for the average American. I was astounded by his recent proposal for an independent savings account, not only because it does so little, but because there is already a program which accomplishes what he suggests and much more.

The existing program allows anyone to save as little as $25 and as much as $15,000 per year and defer the income tax on the interest until withdrawal. It does not require a five-year minimum term but highly encourages at least that by giving the greatest rate of return to savings held for such a period. It does not penalize married persons by limiting their joint savings to the amount allowed a single person. It does not require any red tape concerning eligibility, penalties, special accounts or interest reporting. It does not benefit private financial institutions but it does benefit our country.

This program is the United States Savings Bond, a genuinely patriotic plan.



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