Subject: Tax-Free Savings Accounts Comment: While tax-free savings accounts would hopefully help improve our national savings rate, they are markedly unfair, rewarding those who have money to save at the expense of those of us for whom nearly all our income in needed for the most basic expenses. Why should our tax code allow a rich man to write of $10,000 in income that he gets to put into an account when I, making the median wage, could not possibly save that much and keep my home. Additionally, eliminating deductability of state and local taxes would cost me $600 a year. Too make that up with the savings benefit, I would have to save $340/month, which is beyond my means. That means you are in effect raising my taxes and cutting those of someone with the more disposable income to save. |