Although the media has focused on the Presidentýs proposal to end the harmful double taxation of dividends, he deserves far more credit for proposing tax-free savings accounts. These accounts would benefit millions of American families not only by reducing their taxes, but also by planting the seeds for them to enjoy financial stability and peace of mind decades later.
Sadly, however, the Presidentýs own Republican leadership in the House of Representatives opposes the new savings accounts. Some members have told the White House that they will not fight to ensure passage of the proposal, preferring instead to tinker with the current retirement plan rules. This is truly unfortunate, because the President and our nation desperately need real anti-tax conservatives crafting legislation in the House.