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Retirement Plan Action Asked.—
The American Medical Association urged Congress to approve legislation liberalizing the tax treatment of physicians. The bills would allow higher tax deductions for retirement savings of physicians and other self-employed persons, and allow professional corporations or associations of physicians to be taxed as corporations.In a letter to a Senate Aging Subcommittee, AMA Executive Vice-President F.J.L. Blasingame, MD, said the committee's interest "in encouraging businesses to provide retirement income through private pension plans for millions of Americans who are lacking this security is indeed commendable."Blasingame pointed out that the AMA for years had urged passage of legislation under which tax-deferred compensation plans could be established for selfemployed individuals in order to place them on an equal footing with salaried persons from a tax standpoint.The Keogh-Smathers Act of 1962 permits self-employed individuals to establish pension plans for themselves and qualified employees, but it is extremely
WASHINGTON NEWS. JAMA. 1965;191(13):15-16. doi:10.1001/jama.1965.03080130059035