Bush's Special Savings Accounts

If an award were available for the masterful art of giving something to the American people without giving anything whatever, then Bush is the hands-down winner for all time.

At first I thought our vice president's new savings idea to be a clever spoof. But now I believe he's serious. Let us, for the moment, examine his idea.

First, we deposit $1,000 into a special account which we don't touch for five years.

Second, we can extract about $12 of deferred taxes. (Enough to pay for three hours of parking in downtown Los Angeles.)

Third, after five years, we may retrieve our $1,000 plus accumulated interest--at which time we are taxed on the interest plus the original $1,000 at likely a higher rate than five years prior. Wow!


North Hollywood

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