The Bush administration's fiscal 2005 budget, released today, again...

The Bush administration's fiscal 2005 budget, released today, again proposes the Lifetime, Retirement and Employer Retirement savings accounts, at a cost of $7.6 billion for 10 years. Individuals would be able to contribute up to $5,000 in after-tax savings to either an LSA or RSA, down from $7,500 proposed last year, and investment earnings and distributions would be tax-free. RSAs would replace traditional and Roth individual retirement accounts, while ERSAs would replace 401(k), 403(b) and 457 retirement plans and SIMPLE plans.