A bill to amend the Internal Revenue Code of 1954 with respect to the maximum amount which may be contributed to a retirement plan for a self-employed individual.

Summary

Amends the Internal Revenue Code to increase from the greater of $7,500 or 15 percent of earned income to the greater of $7,500 or 25 percent of earned income the amount which can be contributed to certain retirement plans for a self-employed individual. Directs the Secretary of the Treasury to annually adjust the $7,500 limitation to account for increases in the cost of living.

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Documents

1 official file

• Introduced in House

  summary · EN · 25 January 1978

  Open at official source

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