Up until 1997 IRA's had a "success tax" of a 15% surcharge on annual distributions exceeding $160,000/year... thanks to Sen. Phil Gramm (R-Texas), Congress... repeal[ed] the tax [and the president signed it]...Good catch, intercst.I'll never forgive that man for the repeal of Glass-Steagall or for the passage of the Commodity Futures Modernization Act of 2000. Although I hate to see savers penalized (and thus should be glad the "success tax" was repealed, I would have to question anything that this particular man or his cronies had a hand in.At least he was a consistent servant of his wealthy masters. He clearly established the future of US financial regulation and tax policy for the following decade(s).God help us all.
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