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Author: zorloc Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5267  
Subject: True costs of Gore's Plan Date: 6/30/2000 3:36 PM
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I really hate just starting discussions, but I haven't
had a chance to get back here and I just got my
newsletter from the Cato Institute.

The Budget Cmte (so Republican staffers) using IRS
numbers assessed Gore's "Retirement Savings Plus"
accounts. The Gore campaign has estimated a cost of $200 Billion over 10 years (~$20 Billion/year)If you assume that everyone participates:

(Costs are in Billions/year)
Tax Credit Level Cost
3 to 1 $61.2
1 to 1 $47.8
1 to 3 $13.3
-------------------------------
Total $122.3

If you assume that people will contribute 2% of income up to the max:

(Cost in Billions/year)
Tax Credit Level Cost
3 to 1 $20.7
1 to 1 $19.8
1 to 3 $6.2
-------------------------------
Total $46.7

So Gore is relying on people to take advantage of 1/6 of the available tax credit. Historically the group of people that is most likely not to participate in a self funded program is the poor...

jbw
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