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My current income puts me above the limit for deductible contributions to a Traditional IRA. Any
money I contribute to a Trad IRA will be taxed at X% now (as I earn it), and taxed again at Y%
later (when I withdraw it). Correct?

There is a small flaw in this statement. The money you contributed that was nondeductible will not be taxed again when you withdraw it(under current laws, anyway). Only the appreciation will be taxed on withdrawal. I don't believe this changes the validity of your conclusions, however.
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