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Keogh Law Amendment.—
The House Ways and Means Committee unanimously approved a bill liberalizing the Keogh Law providing tax deferments on retirement savings by the self-employed.The bill, sponsored by Rep. Byrnes (R., Wis.), would allow the self-employed, such as lawyers, dentists, and physicians, to deduct from reported income 100% of their retirement savings up to $2,500 a year. Present law limits the deduction to 50% of $2,500.The Administration in the past has indicated opposition to such a liberalization. However, the bill was expected to receive strong support in the House in view of the Committee's unanimous stand.Organizations representing self-employed individuals, including the American Bar Association and the American Medical Association, have urged that the Keogh Law be broadened to allow a 100% deduction on the $2,500 maximum. In addition they have called for an unlimited ceiling on how much could be set aside for retirement with tax
WASHINGTON NEWS. JAMA. 1966;196(10):23-25. doi:10.1001/jama.1966.03100230011003