GOP savings plan for the poor? - If you have no money how do you

[papau]

take advantage of the latest GOP thought - which is in the Bush 2005 budget - for adding to the "BUSH NEW IDEAS" things called Retirement savings accounts (which appear to be renamed IRA's), lifetime savings accounts (IRA's that allow withdrawels for non-retirement reasons), and employer retirement savings accounts (which are just a consolidation of the current 401k, simple 401k, 403b (teachers annuity) and 457 - public or non-profit employee - plans) - a thing called "individual development accounts" -a new account for the poor?

The new account - called IDA's - individual development accounts - would have dollar for dollar matching all the way to $500 per year for filers with annual income below $20,000, joint filers with annual income below $40,000, and head of household below $30,000 - with contributions you make not deductible, and all earnings on the account taxable - except earnings on the match might not be taxable -and with withrawels only allowed for that first home purchase, or your capitalization of that new small business you are starting, or "education".

Are these GOP think tank folks for real?

[no name no slogan]

1. Exactly the same problem with "medical savings accounts"

That's why the GOP pushed those so-called "medical savings accounts" as a solution to the health care crisis. If your half-assed "insurance" doesn't cover your expenses, why, you can just draw it from your tax-free "medical savings account" that you set up just for these emergencies!!!

However, most working people in this country DO NOT HAVE a regular savings account of any worth, so how in the hell are they supposed to "save" more of their dwindling pay to cover those unforseen medical catastrophes?

They should just call it what it truly is: a way for the rich to shelter more of their money from the taxman, and avoid paying their fair share of taxes. Rich folk tend to have VERY good medical insurance that typically doesn't have a $1000 deductable. Most of the money in these "savings accounts" go for botox injections and tummy tucks.

[Lydia Leftcoast]

2. Wow, a thousand dollars per year!

With that, a person could save up a down payment on a house in....how many years? :eyes:

This out-of-touch plan is reminiscent of that GOP Congressman about twenty years ago who proposed to solve the health care crisis by requiring everyone to buy insurance.