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|Subject: Bush and the self employed||Date: 2/3/2003 10:06 PM|
|Author: PleaseAndThanks||Number: 35653 of 75640|
If I am not mistaken, George Bush would like to reduce the amount the self employed can invest in retirement accounts.
I have no employees. For tax year 2002, I put away $3500 in an IRA since I'm fifty, and about 20% of compensation from self-employment income in a SEP IRA. Together they exceed the Bush plan for $7500 per year by at least $1-2000.
Are my figures wrong, or is it time to write my Congressman and Senator?
This Vanguard article describes the Bush administration proposal as well as any. It mentions SARSEPs and SIMPLE IRAs but not SEPs:
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