McCrery, in his letter to potential co-sponsors, explained that immediate consumption of income imposes a lower tax burden than savings because the benefits of savings, unlike immediate expenditures, are taxed. He believes this is a perverse incentive that discourages savings. Low levels of personal savings can harm the economy and lowering taxes is always a good thing. It keeps money out of the government's wasteful hands and in the productive private sector. In the long run, the security saving brings may also decrease demand for welfare policies.
Profits are tax-free until withdrawn.
No age restrictions on withdrawal. Accounts would not be subject to inheritance or estate taxes. If you sell your home, proceeds can be deposited directly without being taxed. The legislation is fairly new and needs a little nudge to get it off the ground. You know what to do.