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April 7, 1956


JAMA. 1956;160(14):1234-1238. doi:10.1001/jama.1956.02960490048014

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VOLUNTARY PENSION PLANS FOR SELF-EMPLOYED PERSONS  The following explanation of the Jenkins-Keogh bills was prepared by Congressman Eugene J. Keogh primarily for the purpose of assisting members of the House and Senate in answering an ever-increasing volume of correspondence from constituents. It covers the amendments of July 18, 1955. This amended bill was made a part of the omnibus tax bill that has not yet been reported out by the House Committee on Ways and Means.Ed.

Purpose.—  Under present law certain tax advantages are extended to participants in qualified employee pension and profit sharing plans. These tax advantages include postponement of the tax that otherwise would be payable by the individual beneficiary on annual contributions to the plan until the pension benefits are paid out, a similar postponement of tax on the interest earned on funds held for the plan in trust, and capital gains treatment on certain

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