Thursday, January 27, 2005

WSJ.com - Capital

A very important point about add-on accounts is not within the above article but comes from the blog of Donald Luskin.

His point is that those who spend every dime they earn do not have the extra income to particpiate in an add-on account. What would then occur is only the "rich" will particpate and then exacerbate the growing wealth disparity!

As a result, the private accounts would need to be carved out of the current payroll tax.

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