Nearly two-thirds of voters claim they would increase their rate of personal savings if individual retirement accounts were expanded, according to a national survey from the Savings Coalition of America, which advocates such an expansion.
Senate Finance Committee Chairman William V. Roth Jr. released the survey results last Thursday, saying the findings support his effort to pass the Roth-Breaux Super IRA bill. The bill would allow people to withdraw IRA funds penalty-free to pay for first homes, college educations, and major medical expenses.
The Delaware Republican said the bill has broad support in the House and Senate. Also, he said President Clinton has favored expanded IRAs.
The survey found IRAs were one of the most popular tax cut proposals. When asked to choose which tax cut they want, 29% of Americans support expanded IRAs, 29% want a capital gains tax cut, and 25% want a $500 per- child credit. The survey, involving 1,000 adults, was conducted by Lake Research and Luntz Research companies.
- Scott Smith, Medill News Service