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With some retirement plans, mainly for self employed people, you can save $40K or more. But if the tax code allowed everyone to do this, federal revenues would plummet and we'd probably be in a severe depression due to lack of spending.

WHOA!!! What happened to the "wealth effect"? More money in my retirement account is supposed to make me feel wealthy and I am supposed to spend more. Such spending through these tax cuts is supposed to generate more revenues. This is the line that the administration has been peddling.


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