So, as I haven't yet done so, it's time - before the recount is finished - to review just which presidental candidate would make the most difference to your retirement money. As you can imagine, the short answer is "not a whole lot." Neither Bush nor Gore is interested in doing anything to take away the tax desirability of retirement savings accounts. In fact, both have proposed either expanding the tax advantages of existing options or adding new tax-favored choices. And, we can all assume that no sane president (NO people, let's not go there!) will let Alan Greenspan escape.
But there are more reasons to relax about your retirement nest egg, regardless of the election outcome.
Is There a(nother) Democrat in the House?
We now know that the Republicans have maintained control of Congress - but by a smaller percentage than in the recent past. If George Bush is now president as you read this (the more likely scenario), be assured that issues such as total repeal of estate taxes and self investment of Social Security funds will take center stage - but, if you are opposed to such platforms as they stand, you can be sure that it will be tough to push any related legislation through Congress with more Democrats in those seats.
On the other hand, lest you think any legislation that appeals to investors of most political stripes is hopeless, look at just how close the candidates are on some investor- and retirtement-related issues, making it likely that at least these issues will be addressed in some fashion.
Tax cuts are proposed by both Mr. Bush and Al Gore, including relief from the "marriage penalty." Mr. Bush wants a uniform 10% tax rate instated - something that seems a bit radical to get through Congress, though a reduction of some sort could well pass with the Repulican backing it is sure to receive. Mr. Gore's proposal is more roundabout, calling for credits toward items such as the purchase of health insurance or the payment of college tuition.
Of course, both Mr. Bush and Mr. Gore want something done to shore up Medicare and help seniors pay for prescriptions. Mr. Bush proposes permitting recipients to select a plan that has built-in prescription discounts. Mr. Gore goes further to propose adding a Part D, covering prescriptions for all Part D seniors regardless of income.
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