Article: Clinton calls his retirement-plan proposal a `tax cut'.

President Clinton yesterday recast his proposed USA retirement accounts as a $500 billion-plus "tax cut" to neutralize Republican calls for an across-the-board tax rebate.

The government-subsidized retirement accounts, first outlined by Mr. Clinton in his State of the Union address Jan. 19, are a key element of the president's plan to help baby boomers prepare for retirement while shoring up Social Security and Medicare.

Addressing a group of students in the East Room of the White House yesterday, Mr. Clinton described his Universal Savings Accounts (USA) proposal as "a tax cut of over $500 billion . . . that would be targeted to middle-class ...

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