Oh Boy Obama!

Policy wonks should pursue the idea of removing taxes on IRA withdrawals. The best way, I believe, is to allow conversion of a traditional IRA to a Roth IRA. Penalties would still be in place to prevent non-seniors from making early withdrawals. To avoid giving a windfall to the wealthiest 1%, and ensure continuance of future tax flows to the treasury to mitigate government debt, three conditions could be established. First, place a limit on the amount that could be converted. Second, place a limit on the amount of earnings in the Roth that would be tax exempt. Third, stipulate that any taxes derived from Roth earnings above the limit shall be dedicated to repayment of the national debt, not current fiscal year deficit. I personally would prefer this compared to a stimulus check which has little impact on economic growth.