Do IRAs increase savings or are they merely a windfall for otherwise well-off taxpayers? A major objective of universal IRAs was to encourage saving for retirement. A spirited debate has ensued over the use of IRA tax deductions as a means of promoting private savings. The crucial policy issue...

The major goals of the Tax Reform Act of 1986 included an increase in the equity of the tax system. We will consider the effects of the tax reform on vertical equity, horizontal equity, and intergenerational equity.