Washington (July 30, 2002) -- Chairman Jim Saxton of the Joint Economic Committee welcomed improved prospects for legislation ending tax discrimination against senior investors, under consideration by Congress later this year.

Saxton is the sponsor of H.R. 1368, a bill that would end mandatory withdrawals from Individual Retirement Arrangements by seniors after age 70½, a provision of current tax law designed to force income tax payments on these withdrawals. Seniors could roll over 401(k) assets into IRAs to receive the same tax benefit.

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