P.M. BRIEFING : Administration May Consider New Expansion of IRAs, Brady Says
Treasury Secretary Nicholas F. Brady said today that the Administration may consider a new expansion of the once-popular Individual Retirement Accounts.
“The last tax act reduced the number of IRAs that we have in this country,” Brady said in an appearance on the NBC “Today” show.
“Maybe we ought to give them another chance.”
Brady said the Administration is considering the expansion of IRAs because it wants to encourage additional personal savings. He said, however, that the Administration has yet to decide whether to formally propose expanded IRAs, which offered individuals the ability to obtain a tax break on money put aside for retirement.
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