Chapter 10 part 2

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

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

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