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He's talking about increasing the IRA limit from 2,000 to 7,500 (per account) when only 5% of America families even reach the 2,000 limit. It'll increase the exclusion 325%, and it will go to a tiny % of people who have that much to invest in the stock market year over year.
The cut would be part of a package of measures aimed at pension reform. It would include allowing a family of four to save up to $60,000 a year in pension and individual retirement accounts without paying taxes on interest or capital gains.
Republican National Committee spokesman David James said Edwards' position is hostile toward reforms that would ease the tax burden on millions of Americans.
"All of the presidential candidates are for raising taxes, no matter how you cut it, and everything they are proposing is going to especially hurt farmers and small business owners," James said.
The Edwards campaign said fewer than 5 percent of families reached the limit in 2000, when it was $2,000 per account, citing figures from "Tax Notes," a nonpartisan tax policy journal. The Bush measure would raise the limit to $7,500 per account, which for two accounts in a family of four would equal $60,000.
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