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Article: Special Savings Account May Fund the American Dream
- Article from:
- The Washington Post
- Article date:
- March 18, 1995
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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The newly unveiled "Contract With America" tax reform package
appears to offer substantial goodies for homeowners and first-time
buyers. But how would they apply to you? And are they actually as
generous as they look at first glance?
Here's a quick overview of key housing provisions in the House
Ways and Means Committee bill introduced last week. Tops on the list
is the creation of a new form of individual retirement account that
goes by the name "American Dream Savings Account," or ADS. You'd be
able to put aside up to $2,000 ($4,000 for married couples) into an
ADS.
Unlike a regular IRA, which allows you to avoid taxation on
retirement contributions but taxes you later on withdrawals, an ...