Thanks to the Tax Guru-Ker$tetter for pointing out this article: “Tax breaks for saving stir debate: Critics say only the wealthy benefit.” Regarding the new proposed “lifetime savings accounts,” the article quotes Stephen Moore, president of the Club for Growth, an influential group that lobbies for tax cuts, as saying that he has been “in several meetings with the White House in recent weeks … and they are closely contemplating” asking Congress to approve the new [lifetime savings] accounts, even though lawmakers may be reluctant to do so because of deficit concerns.
By the way, who are the wealthy? This website–“The Global Rich List“–gives an enlightening perspective to the whole question.