{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 10 part 2

Chapter 10 part 2 - Courtney Hobson Gucci Gulch Chapter 10...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Courtney Hobson Gucci Gulch : Chapter 10, Part II Summary Senate debate began on June 4 on a bill that Packwood called, “an opportunity that will not come this way again in a generation” One of the pressing problems with the bill involved IRAs: o The current law stated that workers could put away as much as $2,000 a year and deduct the amount of the contribution. The Finance Committee bill wanted to take out all deductions for people who were covered by employer-provided pension plans---this would affect ¾ of the over 25 million Americans who used IRAs o Supporters of the IRA amendment like William Roth (previously seen as a co-sponsor of the Kemp-Roth tax cuts) said that IRAs encouraged savings and therefore investments. o People who opposed the IRA amendment like Paul Volcker, the Federal Reserve Chairman, said that IRAs only encouraged people to switch savings from other accounts into IRAs. Senators Christopher Dodd from Connecticut and D’Amato of New York both were against Packwood’s IRA provision in defense of the middle class o The IRA amendments had the best chance of success of all the other amendments to the bill and were the biggest challenge to Packwood’s no-amendment strategy o
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern