Too often we have seen tax policy mistakenly curtail the individual's and the family's ability and responsibility to accumulate savings. As a result, without savings, individuals and families gradually, but inexorably, become dependent on others or on the state. The ordinary income tax is the classic example of a slow, but sure, progressive tax abuse of saving. Other examples include the misguided imposition of caps and limits on IRAs and on benefit plans. Such benefit plans provide advance funding and protection against economic calamity.
People can better build their own lives and protections without government interference or dole.
Not only does this provide more freedom from economic fear, it adds joy, purpose, and far greater economic health to everyone's life. Universal, unlimited, tax-deductible IRAs provide each individual, and his or her family, a far superior way to fulfill those innate responsibilities to save and invest for their future needs and desires. These family needs, desires, and responsibilities are intertwined among generations stretching over many years and should not be curtailed by unwise taxation.